Trying to keep up with all the new changes to superannuation can be difficult for small business owners who are pressed for time just trying to run their businesses and make a profit. If you fail to comply with the new requirements you can be liable for a maximum penalty of 30 penalty units, with each penalty unit valued at $110.00. It is important that employers have an understanding of the new requirements as well as what their obligations are likely to be in the not too distant future.
This is where outsourcing your bookkeeping to a contract bookkeeper whose job it is to keep up with the new compliances and inform their clients becomes invaluable.
Employers with 20 employees or more will need to comply from July 1st 2014. Those with less than 20 employees will need to comply from July 1st 2015.
• Send all data electronically in a standard message format to employees – date of the payment and the amount of the payment
• Make the contribution payments electronically
• Link data and payment with unique payment reference number
• Ensure data and payments are sent on the same day and
• Respond to fund requests to complete information within 10 business days.
Did you know that from July 1st 2014 the minimum Super Guarantee is 9.5%? Employees that fail to make SG contributions or fail to calculate the correct amount of SG are liable for the SG charge. Don’t be caught out with extra expenses and contact Jaleana Gray from Bookkeeping Fairy who will ensure that your business is compliant. Requirements on businesses regarding tax, payroll, superannuation and administration compliance are be so time consuming and overwhelming. She can assist you in understanding what is needed and set up periodic administration and lodgements reminders specific to your industry so that you are always on top of your obligations.
For all your small business bookkeeping needs contact Jaleana Gray from Bookkeeping Fairy Perth on 0400 10 23 58 or bookkeepingfairy@eftel.net.au. Check out my website http://bookkeepingfairyperth.com.au
Accounts Payable Management, Accounts Receivable Management, Accrual Adjustments, Profit and Loss, Trial balance, Balance sheets, Month End processing, Bank and Credit Card reconciliations, Budgeting and Forecasting, Installing and Setting up MYOB systems.