Super Guarantee reminder

A reminder that Super Guarantee Payments are due on July 28. However, all clearing houses advise doing this a week early. Please do not think it is payable when your BAS is due.

Accounting software charges

We do not attempt to make any profit out of providing Xero to our clients and we pass on all rebates we receive. However, we are frequently required to upgrade clients’ Xero software for a specific purpose, such as temporarily employing additional staff. As a result, we paid more than $15,000 of unneeded subscription fees last year. To avoid this happening again, we are going to charge a Xero subscription fee on a monthly or quarterly basis.  Please note we do subsidise the cost of using Xero and a basic account with no payroll or invoicing will be free of charge. Xero’s Payroll Only plan for 1-4 employees is just $10 a month.

Changes to SIS Act

The Federal Government has recently passed an amendment to part 17A(1)(a) of the Superannuation Industry Supervision (SIS) Act which now requires a Self-Managed Super Fund (SMSF) to have fewer than seven members instead of fewer than five. Besides allowing SMSFs to have up to six members, the main change that will occur relates to the signing of a document which will require at least half of the trustees or directors of the trustee company to sign certain fund and regulatory documents. The bill also standardises the wording used in the SIS legislation so that reference to small funds is consistent. Read more at https://peacockeaccountants.com.au/changes-to-the-superannuation-industry-supervision-sis-act/

PAYG reminder

You may soon receive notification regarding Pay as You Go (PAYG) payments. This is a reminder from the ATO and doesn’t mean that your account details have changed even if you there is a different CRN. Standard Business Reporting (SBR) enabled softwareallows you to lodge online directly from your financial, accounting or payroll software.

If your circumstances have changed and you think you will pay too much or too little tax for the year, you can vary your PAYG instalments by visiting www.ato.gov.au/online services

Mouse rebate is still available

Do you still have a problem with mice? The state-wide Mouse Bait Rebate Program is now open and eligible households, businesses and primary producers can claim for mouse bait products purchased on or after 1 February 2021. Households will be eligible to claim up to $500. Small businesses, including primary producers and sole traders, will be eligible to claim up to $1000. Read more at https://www.nsw.gov.au/initiative/mouse-control-support-program/households-and-small-businesses

Small business rebate is a 2-step process

The NSW Government’s $1500 rebate for sole traders, small businesses and not-for-profit organisations can be used for eligible fees and charges due and paid from 1 March 2021 such as trade licences and council rates. We have noticed that it is a 2-stage process to be registered and approved prior to the final application. If you have any issues or concerns, please contact a member of our team on 6885 5594 to discuss. The rebate will be available until 30 June 2022.

Changes to Single Tax Payroll

From July 1, there are changes to Single Tax Payroll (STP) reporting for small employers with closely held payees and quarterly reporting for micro employers. This may affect how you report to the ATO. Reporting also needs to be finalised and lodged so contact us for assistance by emailing admin@peacockeaccountants.com.au