Just like that we are almost at the end of another financial year! What a year we have had, from lockdowns, to floods, to a new Government and Prime Minister.

 Here’s a few things you need to be aware of before the 2022 financial year comes to a close…

For Employers – Before 30 June 2022

Remember to process superannuation payments early if you would like to claim a tax deduction this financial year. Both Xero & MYOB have recommended processing superannuation payments by 14^th June 2022. Note, superannuation payments for April to June 2022 are not legally due until 28 July 2022.
 
If your business operates on a cash basis, make sure you pay any expenses before 30 June to ensure you are able to claim the tax deduction in the 2022 Financial Year.
 
Make sure you review your debtors (receivables) and write off any bad debts before 30 June.

For Employers - From 1 July 2022
Changes to Superannuation

From 1 July 2022, the $450 per month eligibility threshold is being removed when it comes to super guarantee for employees. Employees will be eligible for superannuation regardless of how much they earn. The rules differ a little when it comes to workers under 18 years of age; you will only need to pay super for them when they work more than 30 hours in a week.
 
The super guarantee rate will also increase from 10% to 10.5% on 1 July 2022. You'll need to use the new rate to calculate super on payments you make to employees on or after 1 July, even if some or all of the pay period is for work done before 1 July.
 
If you process payroll in Xero, you shouldn’t have to change any settings.
If you process payroll in MYOB, you will need to ensure you are running the latest version. You will need to check that the super guarantee percentage is set to 10.5% and the $450 cap has been removed.
For all other payroll software, please check with your provider.
Regardless of what payroll solution you use, please ensure you check the first few pay runs to ensure superannuation is being calculated correctly.

Changes to Award Pay Rates

Each year the Fair Work Commission makes a review of national minimum wages and pay rates in employment awards. Any changes made begin on the first full pay period on or after 1 July. Please ensure you review the award applicable to your employees to ensure you are compliant. For more information, please go to the Fair Work Website.

Other

At your request, we have added some new content on our website and going forward will be adding to it on a more frequent basis. Please let us know if there is anything further you would like to see.
 
We would like to sincerely thank you for your valued patronage throughout 2022 and looking forward to being partners in your success in 2023!