If you have already opted in to STP, you will not need to prepare Payment Summaries for your staff. However, you do need to prepare “STP Finalisation events” which will replace the old Payment Summaries. The reconciliation process remains the same. STP is just a different way to send your information to both your employees and the tax office.
The MYOB AccountRight year end payroll process remains the same as last year. Your MYOB file payroll year needs to be closed before you can process your first payroll in the new financial year.
The Fair Work Commission has announced a 3.0% increase to minimum wages. The new national minimum wage will be $740.80 per week or $19.49 per hour. The increase applies from the first full pay period starting on or after 1 July 2019. Check here to see how your industry / Award is effected
BAS / IAS
Monthly BAS and IAS – 21st of following month.
Quarterly BAS 4 2019 (Apr-Jun 2019) Business Portal due 11 Aug 2019. Electronic lodgements – (if lodging through Effective Services or your tax agent) 25 Aug 2019
Quarterly Super payments* –by 28th day following end of quarter – due 28th July 2019 (for Apr-Jun 2019) **
State Payroll Tax – annual reconciliations due 28th July 2019
**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
To obtain a tax deduction for your super contributions in this financial year, the payments must be with the funds by 30th June.
ATO Small Business Clearing House
“The SBSCH will be unavailable between 11:30pm Friday 21 June 2019 and 7am Monday 24 June 2019 due to ATO system maintenance.
To make sure your payments are received by super funds before 30 June 2019, payments must be received by the SBSCH by COB Monday 24 June 2019.
For taxation purposes, super payments are considered paid when the super fund receives them, not the date the SBSCH receives them.”
MYOB Pay Super
“To ensure the funds receive your payments in time, you should authorise the super payments in AccountRight at least 5 business days before they are due.”
Xero Auto Super
“To allow for processing time, we suggest submitting your contribution batches up to two weeks prior to the deadlines listed by the ATO website.”
Taxable Payment Annual Reports due 28th August 2019 for the following industries:
- Building and Construction Industry
- Cleaning Services
- Courier Services
The tax office has issued a list of the most common errors it sees when businesses are reporting their GST, in a bid to streamline the process for business leaders.
According to the ATO, the most common GST reporting errors are:
- Transposition and calculation errors
- Not having tax invoices not having records (i.e. tax invoices) in order to claim GST credits. Invoices are required as proof of all business purchases that cost more than $82.50 (inclusive of GST).
- Not knowing what is actually GST applicable Not all suppliers charge GST. See more here
- Accounting system errors The set-up of your accounting system is critical to getting your BAS right.
- Not correcting identified mistakes After reviewing your GST transactions, you may discover an error or discrepancy with your reported GST. If this occurs, the tax office encourages you to correct it.