Other Matters

Other matters

Are your ABN details up-to-date?

Did you know that emergency services and government agencies use ABN details to help identify businesses in affected areas during times of emergency or natural disaster? It is therefore important to ensure your ABN details are correct, including:

  • authorised contacts;
  • the physical location of the business;
  • the postal address and the email address; and
  • the phone number.

It is advisable to list your own contact details and not your tax adviser’s details.

The fastest way to update your details is through the Australian Business Register (ABR) online services.

Log in using myGovID and Relationship Authorisation Manager (RAM).

Working out if you have to pay superannuation for your workers

It is not always easy to work out when you have to make contributions under the superannuation guarantee (SG) scheme.

Generally, if you pay an employee $450 or more (before tax) in a calendar month, you have to make SG contributions on top of their wages. This includes a family member working in your business.

If your employee is under 18, they must work for more than 30 hours per week to qualify.

You are required to make SG contributions regardless of whether the employee:

  • is full-time, part-time or casual – working holiday-makers are also included;
  • receives a superannuation pension or annuity while still working; or
  • is a company director.

Although you generally don’t need to make SG contributions for independent contractors, you may be required to make contributions for a contractor where the contract engaging them is wholly or principally for their labour.

Tip! It is not always easy to decide if a person working for you is an employee or an independent contractor. If you are at all uncertain, talk to your tax adviser at Southern Business Solutions.

Ref: TaxWise Business November 2020

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