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Are you ready for the EOFY?

As the 2015 Financial Year comes to a close and the 2016 year begins, there are several issues you as an employer, will need to address for the end of the Financial Year.

To assist you in making sure you are fulfilling your obligations as an employer – we have compiled a list of items that should be completed.

  1. 2014-15 Financial Year PAYG Payment Summaries need to be provided to all individuals employed over the course of the financial year, by the 14th July 2015.
  2. The PAYG Withholding Annual Report (includes the PAYG Payment Summary Statement and all PAYG Payment Summaries for all employees, issued for the financial year) – must be lodged with the ATO by the 14th August 2015.

BMO has the ability to lodge your Report electronically (using an “EMDUPE File”) via the ATO Portal – contact us to find out more.

(NB: This information is specific to payments [such as wages/salaries] made to your employees who are classified as individuals generally. There are some exceptions to this information – if in doubt please contact BMO for further assistance.)

  1. Superannuation Guarantee Payments – the next round of contributions for the 1 April to 30 June Quarter are due by the 28th July 2015.
  2. Superannuation Guarantee Percentage Rate – The indexation of the superannuation guarantee rate has been delayed and it will now remain at 9.5% for the 2015/2016 financial year. Please remember to update your Employment Manuals or policies and procedures to reflect this amendment.
  3. SuperStream – By 30 June 2015, employers with 20 or more employees should ensure they meet the requirements of SuperStream when making superannuation guarantee payments. Small businesses (less than 20 employees) should start implementing SuperStream from 1 July 2015 and are required to be compliant by 30 June 2016.
  4. Minimum Wage & Modern Awards – It has been announced that there will be a 2.5% increase to minimum wages which may affect the remuneration of your Award Rate and Award Free employees. Reviewing your remuneration structure before the end of June is critical, as the changes take effect from the first full pay period starting on or after the 1st July 2015.
  5. Performance Management – Something further to consider….Take the time to review your workforce’s level of training and skills and overall performance. Is there an area that may need improvement? Does your budget allow for further skilling of your staff? Are you carrying a non-performer that is now most likely going to cost you more? Your business success and profitability is reliant on the performance of your staff. Do you need to review this issue?

 

As always, the challenges of compliance with the Fair Work Framework and the Modern Awards continue to make life difficult for employers. The HR Team is always ready to help, just give us a call.

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Sarah Shaw

About the author

Human Resources Consultant Sarah Shaw joined the BMO team in March 2012 after making the move back to Dalby from Brisbane to help out on the family farm. Her love of the country and the relaxed atmosphere made it an easy decision for Sarah to decide to return to Dalby. Sarah previously worked at BMO part-time during university holidays and enjoys the friendly atmosphere and open communication READ MORE


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