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Are you ready for the end of financial year?

As the end of the financial year 2021/22 is looming, now is the time to ensure you and your business are ready for upcoming deadlines and requirements, and that you begin to prepare for the 2022/23 financial year (FY) and the changes that will bring.

As the end of the financial year 2021/22 is looming, now is the time to ensure you and your business are ready for upcoming deadlines and requirements, and that you begin to prepare for the 2022/23 financial year (FY) and the changes that will bring.  

Beware of scams!

As scammers become more sophisticated, it is important that businesses and individuals remain vigilant, including when accessing tax related services.  The ATO has reported fake websites providing tax file numbers and ABNs for a fee.

Avoid getting caught out by these scams by following HIA’s tips.

Do you have your Director Identification Number (DIN)?

Directors are now required to obtain a DIN. The deadline for when you need to have applied for a DIN will depend on when you become a director.

  • If you became a director on or before 31 October 2021, you must apply by 30 November 2022.
  • If you became a director between 1 November 2021 and 4 April 2022, you must apply within 28 days of appointment.
  • If you became a director after 5 April 2022, you must apply before your appointment.

If you are unsure about what this means or want to apply, read more.  

Looking after your mental wellbeing

Whilst it is important to look after your business and personal financial health, it is critical that you also look after your mental wellbeing.

There is support and resources for you and your business during these times. It is important to manage your mental health and workplace stress. Find out more about how to manage these stresses. 

HIA has partnered with Beyond Blue to help build mentally healthy environments. To help our members, HIA has created a mental health in the workplace toolbox with specific information for those working in the construction industry. 

If you or someone you know is experiencing mental health issues, contact Beyond Blue on 1300 224 636 at any time.

Reminders for the end of the 2021/22 financial year

Staying on top of your financial and tax deadlines can be stressful. However, it is important to remember that you are not alone and there are resources available to help you. Talk to your trusted financial advisor or accountant as soon as possible.

Managing your employees

Payment summaries

Businesses must provide payment summaries to their employees by 14 July 2022, find out more

Superannuation guarantee

On 1 July 2021, the superannuation guarantee contributions (SG) increased to 10%. Make sure you have paid your employees superannuation at the correct rate during the year to benefit your employees and to avoid penalties that can be applied to employers for incorrect payment.

ATO contractor reporting 

If you made payments to contractors during FY 2021/22, you may need to report these payments and lodge a ‘Taxable payments annual report’ (TPAR). This includes payments to subcontractors, consultants, and independent contractors. The TPAR must be lodged by 28 August 2022, find out more.

Beware of penalties 

There are reports that the ATO has increased their collection of overdue tax payments by serving Director Penalty Notices (DPNs).   

As a director of a company, you may become personally liable for certain tax obligations of your company such as PAYG, Superannuation Guarantee Charges and GST charges.

Ensure that you have paid each of these obligations by their due dates to avoid being on the receiving end of an ATO notice! If you do receive a DPN, you may have grounds to file a defence, find out more

Managing your business tax requirements   

Payroll tax

Ensure your payroll tax requirements, including any lodgements and payments are up to date. Lodgement dates may vary across states, so check your State Government Revenue website for details

Home-based businesses

Do you have your FY 2021/22 business deductions, receipts, and claims ready? If you have a home-based business, you may be able to claim additional tax deductions such as occupancy expenses, running expenses and motor vehicle expenses. HIA has prepared a summary of the tax rules with further details available from the ATO

ATO business record rules 

The ATO requires businesses to maintain records of all business income and expenses. For example, you should keep a record of all business income received including your progress claims, receipts for deposits and progress payments, and documents regarding any security accounts held jointly with your client. 

Evidence of expenses should include things such as purchase orders, tax invoices, cheque butts, subcontractor payments (as reported to the ATO) and delivery documents. 

Find out more the full list of income and expense record details. 

Claiming expenses on your company car 

Don’t miss out on claiming your car expenses. There are two car expense deduction options available when claiming. You can deduct expenses based on the cents per kilometre basis or you can claim deductions under the simplified depreciation rules. 

Find out more about the expenses able to be claimed and your options. 

Small business due dates 

If you are having trouble staying on top of your tax due dates, check out the ATO’s small business newsroom key date calendar. It’s important to let the ATO know if you need additional time to lodge your returns by calling the ATO on 13 28 66 before the relevant due date.

Preparing for the 2022/23 year ahead

Managing your employees

Superannuation changes 

Superannuation contributions will increase again this year: From 1 July 2022, superannuation guarantee contributions (SG) will need to be made at 10.5% for all employees.

Income threshold removed: The current $450 per month income eligibility threshold for when SG is paid will be removed. This means that your employees may now be eligible for SG, regardless of how much they earn. 

You can find out more about these changes from the ATO or the Fair Work Ombudsman.

Minimum wage increase

Each financial year, the Fair Work Commission conducts an annual wage review. On 15 July 2022, the Commission decided that the modern award minimum wage will increase by 4.6% effective from 1 July 2022.

This means that from 1 July 2022, businesses need to ensure that they are paying the increased wages to their employees. Find out more about the increase, read Member alert article.

HIA will be publishing the updated award rates once available from the Fair Work Commission. If you need a copy of the updated wage sheets, email our team.

To find out more, contact HIA's Workplace Services team

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