EOFY 30 June 2022

Upcoming Important EOFY Changes:

  1. Superannuation will increase from 10% to 10.5% as at 1 July 2022
  2. Superannuation threshold currently $450 per month (or $350 for hospitality) will be abolished meaning staff earn superannuation from the first cent they earn
  3. From 1 July 2022, you must pay super on payments you make to an employee aged under 18 years if they work for you more than 30 hours in a week, regardless of how much you pay them or how much they earn in a calendar month
  4. Superannuation will also need to be paid to contractors: If you pay contractors mainly for their labour, they are employees for superannuation guarantee (SG) purposes, and you may need to pay super to a fund for them. It doesn’t matter if the contractor has an Australian business number (ABN). If you are not sure if they are a contractor or employee please use the Employee vs Contractor tool https://www.ato.gov.au/calculators-and-tools/employee-or-contractor/
  5. Single Touch payroll 2 is coming into effect and will need to be updated in your system for those that currently have staff – this is something we will do in the background for you as deadlines approach after EOFY 30 June 2022 and before 31 December 2022
  6. Directors ID registration is required by 30 November 2022 if you were a Director on or before 31 October 2021 – for all new directors from 1 November 2021 you should already have your Directors ID – see link https://www.abrs.gov.au/director-identification-number/who-needs-apply-and-when

Things you may need to do in preparation of EOFY 30 June 2022:

  1. Reminder to check your Fairwork award to ensure staff are being paid the correct rates – see Fairwork calculator https://calculate.fairwork.gov.au/findyouraward
  2. For those with stock please ensure you do a stock take for your accountant on 30 June 2022
  3. Please connect with your Accountant this month for tax planning BEFORE 30 June if you haven’t already
  4. Make sure you make payment for all superannuation contributions before 21st June to be able to claim the full deduction(some software have earlier cut off dates)
  5. Workcover wage estimates for the new financial year need to be calculated – please provide us with any changes in staffing requirements for the upcoming year

Please reach out if you need any assistance in any of the items for action above via clicking here

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If your Redlands or Brisbane Bayside business needs a Bookkeeper or registered BAS agent, or if you would like to ask a question and find out how we can service your business contact us today.

Contact:

Accurate Balance

Servicing: Redlands and Brisbane Bayside

Call: 0438 382 489

Email: [email protected]

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