News

Important Dates

BAS / IAS

Monthly BAS and IAS – 21st of following month.

Quarterly BAS 3  2018 (Jan-Mar 2018) paper lodgements 28 April 2018. Business Portal due 11 May 2018. Electronic lodgements –  (if lodging through Effective Services or your tax agent) 26 May 2018

Quarterly BAS 4  2018 (Apr-Jun 2018) paper lodgements 28 July 2018. Business Portal due 11 August 2018. Electronic lodgements –  (if lodging through Effective Services or your tax agent) 25 August 2018

 

Quarterly Super payments* –by 28th day following end of quarter – due 28th April 2018 (for Jan-Mar 2018) and 28 July 2018 (for Apr-Jun 2018)  **

Your superannuation payment needs to be with the funds by 30 June to be entitled to the tax deduction in this financial year.

**Note: your required contributions must be received and banked by the funds by 28th day following the end of a quarter.  You may need to remit monthly if:

  • Your employees are making personal contributions
  • The employee’s Award requires it
  • It’s a requirement of the fund for insurance purposes

If you have recently started using a new clearing house such as MYOB or Xero, you may need to pay your contributions a few days earlier to make sure the payments are received by the funds on time.

NSW Payroll Tax   Annual reconciliations due 21 July.  Check other States OSR websites for due dates

Annual Payment Summaries – due to be given to staff by 14 July.  PAYG  Payment Summary annual report  lodgement due date 14 August

TPAR (Contractors report)  lodgement due date 28th August

Cloud (on-line) Record Keeping

Start keeping your records on-line and free yourself from paper!

Most of you know we work almost exclusively on-line at Effective Services and encourage you to make the same efficiency in your own business.  This involves storing records on-line (in the Cloud) instead of on paper.  The use of an on-line (or Cloud) storage system also allows you to access your documents when or where you need them most.

Firstly, choose a Cloud Storage Provider. This Cloud Storage COMPARISON CHART from our associates at Cloudwards easily shows the different features offered by some of the more commonly used Storage providers.

Next, set up a data base of files and folders,  just like keeping the documents and folders in a filing cabinet.   Documents may be stored in a number of formats, including .pdf, .jpeg.  Many accounting systems also have the facility to attach documents to transactions records which you can do from your data base.

 

This from the Tax Office:

Electronic records.  Documents that you are required to keep can be in written or electronic form. If you make paper or electronic copies they must be a true and clear reproduction of the original.

We recommend that if you store your records electronically you make a backup copy to ensure the evidence is easily accessible if the original becomes inaccessible or unreadable – for example, where a hard drive is corrupted.”

This link to the tax office shows the type of records you need to keep and the retention periods.  Remember additional retention periods may be applied by Fair Work or other bodies.

Contact us if you need help on 0411 218 570

What’s new in Payroll April 2018

ATO Small Business Superannuation Clearing House (SBSCH)

This has been an interesting exercise!  I think most of you have now made new arrangements, either persevered with the new look SBSCH or moved to an alternative.  If you still haven’t made the change, please let us know.

The next super payment for Jan-Mar 2018 is due to be with the superfunds by 28th April.

If you have recently moved to a clearing house in your accounting software such as MYOB or Xero, you may need to pay your super a few days earlier than usual to allow time for the payment to clear.

STP Marches on

Employers are required to do a headcount as at 1st April.  This video from the ATO describes who is included.  If your headcount is 20+ you will be required to start reporting under STP from 1st July 2018 unless you have a deferral. (Check with your accounting software provider.)  Both MYOB Essentials AccountRight v 2018.1 and Xero will be ready to report from 1 July.

Casual Employment

Are your casual employment agreements up to date?

News from our friends at Workforce Guardian

A recent case dealt with a plant operator within the Construction Industry and, despite the employer’s arguments that the employee was a casual, it was found that the casual operator was entitled to payment for annual leave accrued but not taken during his 15 years of employment, as well as payment in lieu of notice following termination of his employment.  Check out the full details here

Upcoming Lodgement Dates

DateLodgementDates to be reported
7 AprilState payroll taxMarch
21 AprilMonthly BAS and IASMarch
28 AprilQuarterly super guaranteeJan-Mar
7 MayState Payroll TaxApril
26 MayQuarterly BAS (if lodged by tax or BAS Agent)Jan-Mar
28 MayFBT Return
1/4/17-31/3/18

 

What’s new in payroll Feb 2018

ATO Small Business Superannuation Clearing House (SBSCH).
Access to the clearing house through the ATO website has stopped from 19/2/18.
Access is now available through the ATO online services.

3 options to consider:

  • Move to the free clearing house in your accounting software – requires some set-up Xero, MYOB AccountRight,  MYOB EssentialsQBO
  • Continue to use the ATO’s SBSCH using the new platform. Requires some initial set-up
  • Contact your default fund and ask about whether they offer a free clearing house

Sick Leave
This one caught my eye this week. Are you unnecessarily paying your
employees sick leave for elective surgery of cosmetic procedures? Check this
out.
Here’s another dire warning from Fair Work.
A business owner who confessed to being “too busy and lazy” to keep adequate financial
records has been hit with penalties worth more than $43,000
“Proper record-keeping and the provision of payslips is essential to ensure
there is compliance with workplace laws,” deputy FWO president Michael Ardlie
said.

Lodgement Due Dates

DateLodgementDates to be reported
7 MarchState payroll taxFeb
21 MarchMonthly BAS and IASFeb
7 AprilState payroll taxMarch
21 AprilMonthly BAS and IASMarch
28 AprilQuarterly super guaranteeJan-Mar
7 MayState payroll taxApril
21 MayMonthly BAS and IASApril
26 MayQuarterly BAS (if lodged by tax or BAS Agent)Jan-Mar
28 MayFBT Return1/4/17-31/3/18

Fringe Benefits tax year finished 31st March.
If you provide benefits to your employees other than wages, you may be liable
for FBT. Please contact your tax accountant if you’re not sure.