DON'T PANIC! ....... (just yet)
Superannuation 30 June 2016
The deadline for registration by employers to be able to report and pay superannuation electronically is 30 June 2016. It is compulsory to be registered by that date, and use the system from that date.
'SuperStream' systemises how employers make contributions for employees, requiring the employer to send all super payments and employee information electronically in a standard format.
The options include using a payroll system, a super fund's online system, and a super clearing house. Even if you don't use software for payroll, there is a SuperStream option.
The ATO has laid out the whole super process, just go here:
PS: This is the first stage of Standard Business Reporting SBR – the next stage requires electronic payroll, probably in 2017.
Log Books for Cars
From 1 July 2015 either the cents per km or the log book method can be used to claim car expense deductions. Usage must be recorded for 12 continuous weeks. This means if you want to make a higher claim for vehicle costs (business percentage x total car costs), a log book must be kept. If not, the claim is limited to 66 ¢ per km x 5,000km. (We have a format on Excel if you need one). A log book must be kept once every five years.
Fringe Benefits
FBT returns are due for the 12 months to 31 March 2016. Employers must pay FBT on cars used in the business unless either an employee contribution is paid or the employer claims only the actual business use, based on the log book. We suggest the actual method.
Most clients won't have an FBT problem, but we still need to lodge an advice to the ATO that 'no return is required' for the year. To refresh, the major benefits are usually:
- Cars
- Living away from home allowances
- Car parking (only if there is a commercial parking station within 1 km of the business)
- In-house benefits (eg., staff discounts or gift cards)
- Meal entertainment.
Most will not have incurred these costs. If you did, just let us know.
We will assume log books have been kept so the actual cost claim method can be used (no FBT to pay then).