by admin | May 17, 2017 | Payroll
If you have 20 or more employees, you should start thinking about Single Touch Payroll. You’ll be required to report payroll and super information to the ATO using a Single Touch Payroll enabled payroll solution from 1 July 2018. Visit ato.gov.au/singletouchpayroll for more information.... by admin | Feb 23, 2017 | Payroll
Sunday and public holiday penalty rates will be reduced for full-time and part-time workers in the hospitality, retail and fast-food industries, the Fair Work Commission has ruled. WHAT’S ACTUALLY CHANGING? Full-time and part-time hospitality workers will have their Sunday penalty rate cut from 175% to 150% Full-time and part-time retail workers will have their Sunday penalty rate cut from 200% to 150% Full-time and part-time fast food workers will have their rate cut from 150% to 125%. Public holiday rate in retail, hospitality, and fast food will also be cut. Casual workers in the retail and fast-food industries will also see their pay cut but rates for casuals in hospitality will remain the same. The cuts to public holiday rates will start from 1st July 2017. WILL IT AFFECT ME? The workers who will be hardest hit are those in the retail, hospitality and fast food industries. Aussie’s who rely on penalty rates generally earn a relatively low wage. The ACTU estimates the FWC decision will cost low-paid workers up to $6000 IF YOU WORK IN FAST FOOD Fulltime and part-time level one fast-food workers will have Sunday penalty rates reduced from 150 per cent to 125 per cent. Level two and three employees will stay at 150 per cent. IF YOU WORK IN HOSPITALITY Fulltime and part-time hospitality workers will have Sunday rates slashed from 175 per cent to 150 per cent. Sunday rates for casuals will remain at 175 per cent. If you’re on the national minimum wage, $17.70 per hour, an eight-hour Sunday shift would have earnt you about $248. Under the changes, that drops to... by admin | Feb 22, 2017 | Payroll
Tax Rules Change for Working Holiday Makers Visa (subclass 417) During the Federal Budget earlier this year, the government proposed changes to tax rules for working holiday makers. The changes have been revised and are now law, and will be coming into effect on 1st January 2017. There is no longer an option for working holiday makers to claim the tax free threshold. They will be taxed at 15% up to $37,000, and then taxed at ordinary marginal rates after that threshold. Employers of working holiday makers will be required to undertake a simple, once-off registration with the Australian Taxation Office to be able to withhold tax at this new rate. Employer registration has been extended to 31st January. If you are employing working holiday makers, you will not be penalised as long as you register by 31st January 2017. You can still use the new withholding tax rate of 15% from 1st January 2017. Employers who do not register will be required to withhold tax at the 32.5% rate or higher, as per the foreign resident tax rates. ATO Working Holiday Maker Employer Registration Form The worker must apply for this temporary visa before entering the country for the first time. Although the visa is valid for up to one year, the worker can generally only be employed with one employer for a maximum of six months. ATO Notification Many registered agents and employers, who have previously employed foreign workers, have already been notified by the ATO of the coming changes and been advised to register for the new tax. Tax for Working Holiday Makers Weekly Earnings... 
by admin | Oct 28, 2016 | Payroll
As a business owner, you have a few options when it comes to paying yourself. One of these includes adding yourself as an employee to the payroll system. But you need to always balance your own pay with the financial needs of your business. So what’s the best way to do that? Think about your pay If you’re a business owner thinking about your remuneration, ask yourself these questions: How do you pay yourself? The options are salary through payroll, dividends, loans and taking money out as needed. How much should you take? Enough to get by? Enough to be comfortable? More than the highest paid employees? When should you take money out of the business? Is it ever okay not to pay yourself? In this guide we’ll help you answer these questions, so you’ll know how and when you should pay yourself. Businesses must be built Before looking at paying yourself, you need to think about the flow of money into your business. Businesses need investment to grow. In fact they often need it just to keep pace with developments in their market. Some investment comes in the shape of employee skills, which is why it’s important to hire the right employees. But some investment needs to be in the form of cash, which might come from: Financial investment. This may come from you, fellow owners or directors, or anyone else. Investors need to be paid back under agreed terms. These usually include providing a return on the original sum. Grants. These tend to be for specific uses so are only worth applying for if you need what they...
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