A few changes to the superannuation world that applies from 1 July 2021 onwards, including contribution cap changes, information for employers, individuals aged 60 or over, and changes to work tests.
1 January 2020 seems to be an important day to note for employers as there are 2 changes that employers need to be aware of, in relation to the way superannuation guarantee charges are calculated and payroll tax threshold changes.
Salary sacrificed super contributions and SGC obligations
Prior to 1 January 2020, if an employee decides to salary sacrifice their wages into their super fund accounts, the employer can choose to exclude those amounts in their superannuation guarantee contribution calculation.
As a small business owner we wear a lot of hats:
- generating income to the business (aka the bread winner)
- issuing invoices and following up on overdue invoices from non-paying customers
- managing bills and payment of such
- recording transactions and preparing BAS
- responding to requests from clients/leads
- checking the mail/emails
- keeping up with your industry’s regulations
- Tidying up the office
- … the list goes on.
Question to you: on average how many hours of admin work do you do every week?
Think your good old spreadsheet or notepad is good enough to keep track of employees’ wages? Think again!
On 12 February 2019, the Parliament has passed the laws requiring all businesses use single touch payroll from 1 July 2019.
This means that from 1 July 2019 onwards, all businesses that employ staff, whether it is 1 or 100, are required to register for single touch payroll to keep track of their employee wages, PAYG Withholding and superannuation obligations.
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?