Final items to tick off before EOFY...
If you employ, there are two key items that need to be checked off before 30 June 2018:
- Workcover remuneration estimates.
- Single Touch Payroll.
Carefully read all the details below to ensure you're compliant for the beginning of the new financial year.
Also make sure to have a look at our Tax Planning strategies for 2018.
If you have any questions or concerns, please get in touch with us.
Avoid Victorian Workcover remuneration estimate penalties!
If you employ, you need to review the annual remuneration estimate you made at the beginning of the financial year.
You need to provide your Victorian WorkSafe Agent with a revised estimate if you become aware that what you expect to pay in remuneration is 20% or more above your current estimate prior to 30 June 2018.
If you don't make this adjustment, a penalty of up to 100% of the insurance premium difference may be applied for the financial year.
You should also advise your WorkSafe Agent if your actual remuneration will be less than your estimate, so your future insurance payments can be adjusted.
Please click here for more information about Workcover Remuneration. Feel free to contact us, or your WorkSafe Agent, if you have any questions.
If you employ in other states of Australia, please check with your Agent in that state for further
information as the rules vary from state to state.
Singe Touch Payroll
If you employ more than 20 people, you are required to switch over to the Single Touch Payroll system by 1 July 2018.
Please make sure your software is compatible with the new payroll system, and that you have everything in place to be compliant with the ATO as of 1 July 2018.
Click here for more information about how Single Touch Payroll works.
Special note for Xero subscribers:
The ATO has approved Xero to progressively introduce Single Touch Payroll to their users, and so you may find you have a deferral of as much as six months. Xero expects all their users to be switched to STP before the end of December 2018.
When it’s time for a payroll administrator to opt-in to STP, a banner will appear on the Xero pay-run screen. Until then, you can process payroll as normal and remain in full compliance with the ATO.
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