Year End Reminders
Single Touch Payroll (STP)
Businesses with employees will need to finalise their Single Touch Payroll for the 2022 Financial Year by 14th July. This is done by lodging a Finalisation Event. It's important to check the figures against the annual wages report.
This process has replaced payment summaries. Employees will be able to access their records in their MyGov account.
Taxable Payments Annual Report (TPAR)
Businesses who pay contractors in certain industries will need to lodge their TPAR by 28th August. The report is similar to a payment summary for contractors. It can be lodged through most bookkeeping software or on a paper form from your accountant.
The main industries covered are construction, cleaning, freight, and IT.
More information can be found here;
Super Changes
There are a couple changes to Super Guarantee starting 1st July 2022.
The $450 per month minimum earnings threshold will be removed. This means most employees will be entitled to Super Guarantee. The only exception is minors (under 18) working 30 hours or less per week.
The Super Guarantee rate will increase to 10.5% from 1st July 2022. Most bookkeeping software will automatically change the rate, however it's recommended to check your first pay run in July 2022 to ensure the rate is correct.
Late Super
With the implementation of Single Touch Payroll, the ATO has real time information to data match Super Guarantee payments. This has increased the risk of audit when super is paid after the due date.
We recommend paying a week early to ensure the clearing house can process the payment in time.
Late super is not tax deductible, and interest and fees are charged by the ATO.
Super Guarantee Charge Statements must be lodged with the ATO when Super is paid late. This calculates the interest and fees on the amount. Interest will continue to accrue until the statement is lodged, even if the super has been paid.
The Statement calculator can be found here;
Or contact your accountant for a quote of our fee.
