How to get your payroll right

Complex award and enterprise agreements can complicate payroll obligations, in terms of both regular salary and wages and the ongoing need to pay employee superannuation. On top of that, from 1 March 2020, changes commence for annualised wage arrangements that will increase the compliance burden on some businesses.

New workplace award rules coming into force on March 1

All employers with employees on fixed annual salaries are now on notice about new award rules coming into force on March 1st.

Lifestyle assets new target of the ATO

The ATO has requested insurance policy information from 30 insurers for lifestyle assets such as yachts, thoroughbred horses, and fine arts.

Taxation, Financial AccountingJPR BUSINESS GROUP3 February 2020taxation, tax, insurance, ATO

The Super Guarantee timing trap for employers

How employers are being caught out by the timing of superannuation guarantee payments.

Super guarantee opt-out for employees with multiple employers

Employees with multiple employers can now opt-out of superannuation guarantee from all but one employer.

Financial Accounting, SuperannuationJPR BUSINESS GROUP2 December 2019super guarantee, superannuation

Are you paying your staff correctly? Woolworths $200m plus remediation

Woolworths is the latest company to facing a fallout from the underpayment of staff. In what is believed to be the largest remediation of its kind, Woolworths have stated that they have underpaid 5,700 salaried team members with remediation expected to be in the range of $200m to $300m (before tax).

Financial Accounting, Corporate Secretarial, TaxationJPR BUSINESS GROUP1 November 2019tax, wages, wage theft

Super Guarantee Amnesty Resurrected

The Government has resurrected the Superannuation Guarantee (SG) amnesty giving employers that have fallen behind with their SG obligations the ability to “self-correct.” This time however, the incentive of the amnesty is strengthened by harsh penalties for those that fail to take action.

The small business tax shortfall is worth $1.1 billion

Last month, the ATO released statistics showing small business is responsible for 12.5% ($11.1 billion) of the total estimated ‘tax gap’. These new figures give visibility to tax compliance issues within the small business sector and indicate where we can expect ATO resources to be focussed now and in the future.

Financial Accounting, Investment, TaxationJPR BUSINESS GROUP1 September 2019ATO, Tax, Taxation, small business, business

Does your SMSF suffer from a lack of diversification?

The ATO is concerned that, “a lack of diversification or concentration risk, can expose the SMSF and its members to unnecessary risk if a significant investment fails.”

The Government doesn't want your business accepting cash payments of $10,000 or more - why?

From 1 January 2020, the Government intends to restrict the value of cash payments a business makes or accepts to amounts under $10,000. Ignoring the limit will become a criminal offence with penalties of up to 2 years in prison and/ or $25,200*.