Who Processes your Payroll ? Are you STP Compliant?

Payroll can be complex and is specialised in nature, which is why it’s considered a specific bookkeeping task. Because it is high risk from a compliance perspective,payroll requires a lot of experience and is classified as a niche service when outsourced. A Girl Friday, provides outsourced payroll services, and we are qualified (BAS) agents and…

Are you compliant with new STP legislation?

Single Touch Payroll (STP) changes how you report your employees’ end of financial year (EOFY) information to your employees and the ATO. STP is an Australian Government initiative to streamline business reporting obligations, and ensure employers are reporting and paying their employees’ super entitlements.  If you do not have STP set up in your accounting…

1 July 2019 super changes

Money Magazines, Susan Hely recently wrote about the new superannuation rules starting on 1 July 2019. She notes that the super changes, called Protecting Your Super, were set up to stop Australians’ super accounts from being eroded by insurance fees and premiums they don’t need. This is a great move for young people who were losing…

What is the Australian financial year?

The Australian financial year (Australian tax year) runs from 1 July to 30 June. At midnight on 30 June, the financial year ends, your business books are closed, and you report your financial situation to the Australian Tax Office (ATO). They use this information to figure out how much tax you owe. You can submit…

Increased Instant Asset Write-off

The instant asset write-off (tax deduction) threshold has increased to $30,000, and has been extended to 30 June 2020. Your business can claim an immediate tax deduction of up to $30,000 for the business portion cost of each asset (new or 2nd hand), which is purchased and first used or installed ready for use from 7.30pm…

1 July Wage Increase

The Fair Work Commission has announced a 3.5% increase to minimum wages wef 1 Jul 2018. The changes apply to employees whose pay rates are determined by the national minimum wage, a modern award or a registered agreement . All your employee wages will thus be increased, and minimum wages rates applied.  If you are…

Single Touch Payroll

Single Touch Payroll (STP) is a reporting change for employers, by the ATO. It starts from 1 July 2018 for employers with 20 or more employees.  Single Touch Payroll will be expanded to include employers with 19 or less employees from 1 July 2019, but employers can opt in (register thru Xero/MYOB) before this date once fully implemented. You will report payments such as salaries…