End of Financial Year is here and we want to provide you a few reminders on actions you need to make and
changes that will be happening from 01 July. We understand not all of the below affects every business so we encourage you to read through
and pick out what you need. Our team is here to help you, so if you have any questions please do not hesitate to contact us.
30 June: Stocktake
EOFY stocktake. If you haven't yet made arrangements, now is the time. Book in 30 June to complete your Stocktake.
Work in Progress (WIP). Make sure you capture your WIP
on 30 June.
30 June: Trust Resolutions
If you have a Discretionary Trust (Family Trust) you need to complete your Trust Resolutions by 30 June. All
Trinity clients with a Trust were emailed their Trust Resolution to review and sign. If you didn't receive this email please notify us
immediately.
01 July: SG Increase to 10%
Super Guarantee rate is rising from 1 July 2021. The super guarantee rate will rise from 9.5% to 10% on 1
July 2021. Businesses with employees will need to ensure their payroll and accounting systems are updated to incorporate the increase to
the super rate.
01 July: Minimum Wage increase (staggered for 01 July 2021)
The Fair Work Commission has announced a 2.5% increase to the national minimum wage for the 2021-22 financial year. The FWC has staggered the increase into three stages to lessen the impact on industries.
Read more about the changes and which awards are affected here.
Casual Employees. From 1
March 2021, there were changes to workplace laws relating to casual employees. If you have casual employees you need to ensure you are
acting in accordance with Fair Work information. Read more here.
01 July: STP Mandatory Reporting
Employers should now be reporting through Single Touch Payroll (STP), unless they only have closely held
payees or are covered by a deferral or exemption.There are changes to STP reporting for small employers with closely held payees and to
quarterly reporting for micro employers from 1 July 2021.
From 1 July 2021, employers must report any closely held payees through STP. You can choose to report these
payees each pay day, monthly or quarterly.
Read
more about closely held payees here.
From 1 July 2021, STP quarterly reporting concessions for micro employers will only be available to micro
employers who meet certain eligibility requirements. These now include the need for exceptional circumstances to exist.
14 July: STP Finalisation (Payment Summaries) need to be completed
STP
Finalisation (Payment Summaries) need to be declared by the 14 July 2021. Staff can find their Group Certificates through their MyGov
account.
28 August: TPARs due
If your business makes payments to contractors or subcontractors you may need to lodge a Taxable
payments annual report (TPAR)
by 28 August each year.
The taxable payments reporting system aims to create a level playing field - to prevent dishonest
operators from gaining an unfair advantage over the majority. The information we collect in the TPAR allows us to identify contractors who
are not meeting their tax obligations.
If you are unsure if your business needs to
complete a TPAR,
read
more here.
JobKeeper Payments
Did
you receive JobKeeper payments in this Financial Year? JobKeeper payments are taxable, so you need to include them in your tax return.
Should you have any questions or seek clarification on the above please do not hesitate to contact us 07 4041 6188 (Cairns) or 07 5391 4747
(Sunshine Coast).
