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Thinking of Hiring New Employees for the Festive Season?
As the festive season approaches, many businesses consider bringing in extra help. If you're planning to hire new employees, it's important to stay informed about your tax and superannuation obligations.
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.
Contact us at 08 6245 7506 for more information.
Date published 29 Oct 2024
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