Key Date 1st July 2022 – Compulsory employer superannuation contribution rate increases to 10.5%. 14th July 2022 - STP must be finalised for all employees by this date. 21st July 2022 – Payroll tax must be completed and lodged. 28th July 2022 – June quarterly super payments are due.
New Director ID requirements The government has introduced a new requirement for Directors of existing and new companies. Directors must apply for a Director identification number (Director ID) that is then linked to your company/s. This is to help prevent the use of false or fraudulent director identities. Apply before 30th November 2022. https://www.abrs.gov.au/director-identification-number
STP Phase 2 Single Touch Payroll (STP) reporting has been expanded. This expansion is known as STP Phase 2. If you have employees, you will need to start reporting extra information to the ATO each time you run payroll through your STP enabled software. For more information visit https://www.ato.gov.au/Business/Single-Touch-Payroll/Expanding-Single-TouchPayroll-(Phase-2)/
Instant Asset Write Off The Instant Asset Write Off rules continue to apply – allowing an immediate claim for business assets rather than depreciating the asset over its effective life. Ensure assets are installed ready for use prior to 30th June to take advantage of these rules.
Employee Super The compulsory employer superannuation contribution rate will increase to 10.5% from 1st July 2022. Any wages not paid to employees prior to 30th June will incur superannuation at the higher rate. You may want to consider paying employees their wages earned up to 30th June prior to year-end, even if it is out of the regular pay cycle. The monthly threshold of $450 for employees will be abolished. Employers will be required to make super guarantee contributions to their eligible employee's super fund regardless of how much the employee is paid. Employees must still satisfy other super guarantee eligibility requirements. For more information visit https://www.ato.gov.au/Business/super-for-employers/work-out-if-you-have-to-paysuper/