Thinking of Hiring New Employees for the Festive Season?

Here are a few key points to keep in mind:

1. Withhold the Right Amount of Tax

Ensure you're withholding the appropriate amount of tax from your employees' payments. This helps them manage their end-of-year tax liabilities. Your TaxAssist Accountant can assist you in calculating the correct amounts and ensuring compliance with the latest tax regulations.

2. Pay Superannuation Guarantee (SG) on Time

Don’t forget to pay the Superannuation Guarantee to all eligible employees' super funds by the due date to avoid additional charges. The next SG payment is due on October 28th. Your TaxAssist Accountant can help you determine the correct SG amounts and keep track of deadlines to ensure you stay compliant.

3. Report Through Single Touch Payroll (STP)

If you're not yet reporting through STP, it's essential to start now unless you have an approved exemption. Your TaxAssist Accountant can guide you through the reporting process and ensure that all necessary information is accurately submitted.

If you have any questions or need assistance navigating these obligations, we're here to help! Our team can provide tailored advice and support for your business needs.

Last updated: 29th October 2024