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From 1 July this year, most small businesses will need to be STP compliant. This includes small employers with closely held payees, as well as some micro businesses and seasonal employers.
1.75% increase to minimum wages
The new national minimum wage which applies to all full-time and part-time employees who are not covered by an award or agreement, will increase to $753.80 per week or $19.84 per hour (before tax) from 1 July 2020. The increase to awards will happen in 3 groups with 3 separate dates.
Key COVID-19 measures for Queensland
In response to the coronavirus (‘COVID-19’) pandemic currently impacting the economy and businesses generally, each Australian State and Territory Government has announced relief and other support packages as part of the broader economic stimulus measures. We look at some of the Queensland Government’s key initiatives.
JobKeeper Payment
What steps do you need to take to receive the JobKeeper Payment? Many employers around Australia are asking this same question. During the week commencing Monday 20 April one of our friendly staff will be in contact with you to discuss your possible eligibility for the JobKeeper payment.
Government’s Stimulus Package in response to COVID-19
To help you gain a better understanding of the government stimulus measures that you may be able to access, we have summarised the key developments as they stand so far.
ATO Workshops for Small Business
Join the ATO to learn about tax for small business at free face to face tax workshops in Gatton run by ATO staff in September.
Meet your PAYG Withholding Obligations or lose your tax deduction
Are you meeting your Pay As You Go (PAYG) Withholding obligations? If you are running a business, you can no longer claim deductions for payments to employees or workers if you have not met your PAYG obligations. This applies to tax returns lodged for the 2020 year onwards
Employers, are you STP ready?
After a staggered rollout, Single Touch Payroll now requires all employers to transfer their payroll transaction data to the Tax Office each time employees are paid. Is your payroll geared to handle new reporting requirements?
No tax deductions for unmet tax obligations
Don’t lose your tax deduction for your employee or contractor payments. Do lodge your BAS on time and lodge your STP events every time you pay wages and withhold the correct amounts from your payments to employees and subcontractors. Read why.
MYOB payroll product for microbusinesses
MYOB has launched a low-cost payroll product for micro businesses, enabling Single Touch Payroll (STP) compliance in time for the ATO’s 1 July deadline.
