Top 10 things to consider when employing new staff

Every now and then we get asked the question – “I want to hire someone to help with our business so I can have more time growing my business.” But before you put an ad up, or spread the word around, have you considered the following 10 things about finding the right staff, your business financial situation and understand the extra compliance work required?

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Maximize your tax deduction – Individuals

As 30 June is fast approaching, this is the best time to review your situation to see if you are able to maximize your income tax deduction to get back more tax refund (or reduce your tax liability) when lodging your 2018 tax return!

This article will focus on what individuals can do to legally maximize their tax deduction to minimize income tax liability. We will look into some work-related expenses, donations, tax agent fees, personal super contributions and income protection insurance in this article.

There will be a separate article for business owners so keep an eye on our website!

Note that we are only providing general advice on what items you may be able to claim as your tax deduction, the actual tax deductibility for certain items depend on your personal circumstances. If you would like assistance for your situation please contact us.

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New Single Touch Payroll – how will it affect you as an employee?

The ATO is implementing the new Single Touch Payroll system so you can have quick access to your employee pay information.

How will it affect me?

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Remitting employee super payments when there is insufficient information

As an employer you are obliged to pay your employee their wages, remit their PAYG Withholding to the ATO as well as remit superannuation payments to their superannuation fund accounts.

In an ideal world, on the first day your employee starts work with you, they would complete their forms including a Super Choice Form informing you their superannuation fund account details for you to remit superannuation payments.

What if your employee did not provide enough information for you to remit superannuation payments, and the amount is due to be paid?

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