June Update from Boox

Hi All
 
Happy end of financial year!!
 
With the end of financial year fast approaching, I’m sure that everyone is very busy with preparations for finalisation of payroll, June’s JobKeeper and finalising files for the 30/6/2020.
 
There are a couple of things, I’d like to remind you of and/or bring to your attention:

1. A further reminder regarding payment of outstanding superannuation.  Outstanding super for employees needs to be paid by 24/6/2020 to enable you to claim it as a tax deduction.  It is recommended that the super is paid early, so that it will be received by the employees super fund by 30/6 therefore making it a tax deduction for your business. If received after 30/6 to the employees super fund account, it is not allowable as a tax deduction ot your business.

 

1. Fairwork Australia has advised that there will be an increase to minimum wages on 1/7/2020.  Please refer to your award & make sure it is dated 1/7/2020 to ensure you are paying employees the correct amount in the new financial year. The increase applies to awards in 3 stages, which start from the first full pay period on or after:

 

• 1 July 2020
• 1 November 2020
• 1 February 2021

 
If you need help in locating your award, or the minimum wages rates for your employees please let us know - https://www.fairwork.gov.au/

1. JobKeeper – just a reminder to return the claim information form back to us as soon as possible after 30/6, so that we can lodge the forms and get your payment happening as quickly as we can.

 

1. Finalisation of payroll.  All employees must have their wages payment details available and finalised by 14/7/2020.  This means that the payroll system must be reconciled & the STP system will need to be finalised for the financial year as soon as possible after 30/6, so that your employees can have their income tax lodgements completed as soon as possible. 

 

1. If we currently handle your payroll, you will not have to worry about this, as we will complete the reconciliation & finalisation as a matter of course.
2. If you currently handle the payroll, and need some help with finalisation & reconciliation, please let us know as soon as possible so that we can make the time to help.
3. If you currently handle the payroll & don’t need help, we are always here to help if you get stuck.

 

1. I am looking to make some training available in the new financial year, for those people interested in learning more about aspects of their Bookkeeping, Software, Payroll etc.

 
These classes will be of between 5 & 10 people only, for ½ day sessions (mornings 9:00am – 1.00PM.  As a start, I will be offering the following, as well as any other Bookkeeping related information sessions that many be suggested:
               

• MYOB (Essentials & Account Right), Xero & Quickbooks online – how do I set it up, use it properly & save myself some time.
• Basic bookkeeping – make sure you’re doing it correctly, understanding reporting for your business, what do the reports mean & how can I use them?
• Payroll – what do I need to become an employer, how do I set up my books & ensure I am paying my employees correctly, and process my payroll.

 
Please email Ida at: [email protected] to register your interest.
 
Many thanks & please stay safe!!
 
Kind regards
 
Sally