Hi Everyone,
The months are flying past and we are nearly at the end of financial year.
We have a few things to cover here, so please read through right to the very end!
Bragging Rights!
For those of you who do not follow our socials, you would not know that Di has been a member of the ICB (Institute of Certified Bookkeepers) for 10 years and was this year awarded Fellowship Membership by her peers.
Di has also been named a Finalist in the Illawarra Women in Business Awards with the Awards luncheon being held on the 12th May.
These are huge achievements, and we are excited, honoured and humbled by these achievements.
Sham Contracting – Contractor Vs Employee
“Sham contracting is when an employer misrepresents employment as an independent contracting arrangement. An employer will have contravened the Fair Work Act if they represent or say that someone is an independent contractor when in reality, they are actually an employee.”
Sham contracting is particularly common in the Building and Construction Industry. You need to make the determination to employ or contract your staff and you need to protect yourself so please look at the information provided in the links below and use the calculator to take the test if you feel you do have a contractor who should be an employee
Employees treated as Contractors
Equipment, Tools, and other Assets
Employee vs Contractors Calculator Tool
Fraud
On the news recently, you may have seen various significant fraud cases. It is vital that you are keeping an eye on your books and understanding where your money is going. When a supplier changes bank details, please take 2 minutes out of your time to call and confirm this change with the manager, and not just the accounts person.
The case below is quite heart breaking:
Dine, Discover and Tourism!
Have you downloaded your vouchers through the Service NSW app and used them yet? You only have until 30 June!There is new Tourism Support Package coming out, hopefully in July, where $100 accommodation vouchers will be made available. A 20m dollar initiative!
More info to come on this at a later date.
March BAS and EOFY Tax Planning
The March BAS deadline is the 26th May and we are powering through all our BAS to make sure you are all lodged on time. Once we have finalized the March BAS, we recommend that you make a time with your accountant to have a chat about tax planning.
Timesheets
Some timesheets have been coming through late in the day or not at all (you know who you are!). Please ensure we receive timesheets by 11am on the day your payroll is to be processed.
Streamlining your business
This is a space we love! There are many add on solutions that can save you time – whether we are talking job management, electronic timesheets, automating tasks – we can help! So, if there is a process that you have that is causing you pain, or taking too much time, just give us a call and we can see what solutions might work for you.
Single Touch Payroll Phase 2
This update to payroll reporting was supposed to have been implemented on 1st of July 2021. Fortunately, our Associations fought for this to be delayed until 1st of January 2022 due to the hectic year that we had in 2020. STP will then also link to Centrelink and include the option to include Child Support Garnishees and deductions in the STP Report, reducing the need for separate remittance advice reporting to the Child Support Registrar.
Upcoming Proposed Changes to Super
Employee superannuation is proposed to increase from 9.5% to 10%. This has not yet passed in parliament, but if you have an employee on a salary that INCLUDES super – you need to keep this in mind as you will need to draw up a new engagement contract.Multiple Superannuation Funds
The Government are trying to eliminate people having so many superfunds. There is a proposal whereby when you engage a new employee, the ATO are contacted to see if they have an existing fund – rather than putting them in your default super fund.
