The end of the financial year marks not only an important time of the year for employers, but an opportunity for businesses to reconfigure the way they operate in preparation for a more compliant and productive financial year ahead. Over the next month, a lot of businesses will be dealing with the usual EOFY reports from insurance to payroll year end to budgeting. Not to mention Single Touch Payroll!
Expert tips
At Employment Innovations, we are lucky enough to have a team of employment experts that help businesses all across Australia through this busy time of the year. Our experts have come together to collate a few of the important things you should look out for as July 1 fast approaches:
- Prepare and resource early.
- Reconcile your payrolls with enough time to make any required amendments.
- Review your superannuation payments for June.
- Audit your employee data for ATO compliance.
- Remember to issue payment summaries before 14th July 2018.
- Be Single Touch Payroll Ready – If you are a โsubstantial employerโ, as at 1 July it may be mandatory for you to report to the ATO each time you pay your employees. This information includes wages, salaries, allowances, deduction, PAYG, Superannuation and more. You need to know whether your business is going to be impacted by STP and that your payroll software or provider is ready to make you compliant.
- Consider performance reviews and updating your employment contracts.
- Update your award or enterprise agreement rates of pay in line with the 2018-2019 Minimum Wage Increase of 3.5%
How can we help?
Employment Innovations are here to help you be compliant and more productive. At this time of the year, you can contact EI to to talk about:
- A managed payroll solution to make sure youโre always compliant, no matter what changes.
- How our payroll experts can make sure that youโre STP compliant ready for 1 July 2018.
- 2018 wage update services to ensure that your Enterprise Agreement is compliant with the new minimum rates.
- How our Workplace Advisors can update your employment contracts and ensure that youโre meeting the minimum conditions of employment.
- HR software and payroll technology that will take the administration out of employing staff.