This article focuses on the superannuation guarantee rate increase from 1 July 2022, how to work out if you have to pay super to an employee, and a reminder to update your current accounting software. – Superannuation guarantee increase.
An increase to the minimum wage of 1.75% will start rolling out for the first full pay period from 1 July 2020.
A series of high-profile examples of businesses underpaying their employees has brought the need to get payroll right into sharp focus.
Payroll fact sheet for Employers and Bookkeepers.
Single Touch Payroll (STP) has certainly given bookkeepers and their clients a lot to think about, and we all can appreciate that the ATO has taken a measured and considered approach to its implementation. But we all know that this approach was going to change once businesses were given sufficient time to prepare for the STP implementation phase.
Going forward the expectation of the ATO will quite rightly shift to an oversight model that acknowledges the complex nature of STP implementation for small business but also assigns appropriate penalties for those who don’t comply with the new reporting requirements.