FAQs & Resources

“Success is most often achieved by those who don’t know that failure is inevitable.” — Coco Chanel

Be prepared and informed with these useful tools and resources or check out our FAQs list at the bottom of the page

ATTICUS resources

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There is a lot to think about when you hire an employee for the first time.  To help
out, we’ve put together a checklist to assist you with managing your tax and
reporting obligations when you have employees.

NEW EMPLOYEE CHECKLIST

ATO resources

ASIC resources

In the search business names register choose to search within box, select “check business name availability” enter the name in the box below and click go.

Other Useful Links

Please note the above links are provided for information only and do not constitute advice. Please consider whether this information is appropriate to your individual needs and circumstances and consult an expert accountant or financial planner for specific advice.

FAQs

How long should I keep my tax records for?

General tax records like receipts and invoices should be retained for 5 years from the date that you lodge your tax return.

However the legal statute of limitation is 7 years – meaning that if there is a legal matter, you may be required to produce your documents from anytime in the last 7 years. Whilst this is unlikely, we do recommend keeping them for 7 years just to be on the safe side.

Furthermore there are other requirements to keep in mind for specific documents:

ASSETS AND EQUIPMENT – invoices for the purchase of assets you claim depreciation for you should keep these for five years AFTER the last depreciation claim

PROPERTIES AND INVESTMENTS – contracts and documents relating the purchase of investments and properties you should keep this for five years AFTER the asset is sold

PAYROLL RECORDS – Wage records should be kept for 7 years. Documents relating to commencing employment and calculation of entitlements like long service leave should be kept for 7 years after the date of the employee ceasing.

You can find some more detailed information on keeping your tax records here: https://www.ato.gov.au/individuals/income-and-deductions/in-detail/keeping-your-tax-records/

I have a business that is registered for GST.  I have a trailer that I’ve used in my business that I am selling to a private buyer who is not registered for GST.  I don’t need to charge GST, do I?

Yes, you do.

This is a cause for much confusion among business owners.  If your business is registered for GST and the equipment was used in your business then you need to charge GST on the sale price.  It makes no difference that the purchaser is a private individual or not registered for GST themselves.

There are very limited exemptions to this rule, for instance, if the equipment is being sold as part of a business sale then it may be GST free.  If you think this could the case you you should check with your business adviser.

We recently hosted a client information evening  to showcase a new product and we also had guest speakers who presented as well. We served  food and drinks to our clients after the presentation. I can claim this as a business expense, can’t I?

Despite this situation being rather common in business, unfortunately this is a tricky one and the answer is, it depends! The ATO consider entertainment expenses to be non-deductible.

As for whether a client information evening is classed as entertainment depends on a few factors, namely the Where, When, What, Why test:

  • Where and When was it provided? Food and drink provided on work premises and during work hours are less likely to be entertainment.
  • What food and drink was provided? A full meal with drinks is more likely to be classed as entertainment compared to light refreshments like sandwiches, coffee, tea etc.
  • Why was the food and drink provided –  was it an incidental part of the event or a major part of the event? Light refreshments provided as only part of an overall training event are less likely to be entertainment.

In the case of the client information evening if the event took place at a restaurant, the food and drink component consisted of a sit down meal which comprised a majority of the entire event time it’s highly likely that these expenses would be entertainment and, therefore, not tax deductible. It may also be important to consider whether entertainment was also provided to staff members attending in which case the business will need to consider FBT.

I haven’t paid my quarterly super for my employees.  What should I do?

Employer super obligations are complex.  Firstly, here’s a refresher on the due dates:

July – Sept quarter – due by 28th Oct
Oct – Dec quarter – due by 28th Jan
Jan – Mar quarter – due by 28th April
Apr – June quarter – due by 28th July

If you missed a quarterly deadline, your unpaid super guarantee reverts to the Super Guarantee Charge (SGC) system which is administered by the ATO.  You will need to complete a SGC statement to report the unpaid super to the ATO.  The SGC is made up of three components:

  •  the amount of the unpaid super
  •  interest
  •  an ATO admin fee

You need to lodge the statement along with payment of the charge to the ATO.  The ATO then process your statement and forward the super and interest to the employee super funds.

If you have paid some or all of your super to the super funds, you may be able to reduce the unpaid super amount on the SGC form by this payment. Additionally, the SGC is not tax deductible so it serves as a large incentive for employer’s to pay their super on time.

I have an employee who is turning 75 soon.  I’ve heard that I won’t need to pay employer super for them any longer.  Is this true?

No, the rules changed on this a few years ago and these employees are no longer exempt.  You will still need to pay the standard employer super for these employees.  There is no longer an upper age limit on employer super guarantee contributions.

Do I need to pay super for employees who are under 18 years old?

Yes but only if they work more than 30 hours per week. If they work less than 30 hours per week for you they are exempt from super up to their 18th birthday.

Does the super exemption still exist for employees who earn less than $450 per month?

Yes, for now. The federal government proposed in the May 2021 budget to remove this exemption. If the legislation passes this change is expected to apply from 1 July 2022.

My new employee hasn’t returned their super choice form nominating their preferred super fund. What should I do about paying their super?

You still need to pay their super on time by the quarterly super deadline. As an employer there can be significant penalties for paying super late. The super choice form you gave your new employee should have included details of your default fund. This covers you if your employee doesn’t return their form to nominate their preferred fund. You should pay the super by the quarterly deadline to your default fund. You can get more employer info here

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