Hiring Employees for the Festive Season

Posted at 16:48h in Business, Tax by Simmons Livingstone

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Hiring for the festive season can be seamless with proper planning. Ensuring compliance with tax and superannuation obligations helps your business avoid penalties and supports your employees in meeting their financial requirements.

Here are some essential tax and superannuation obligations to keep in mind.

Withhold the correct amount of tax

To ensure your employees meet their end-of-year tax requirements, it’s crucial to withhold the right amount of tax from their payments. If you need assistance to accurately determine the correct amount to withhold, please get in contact with our office on 07 5561 8800 for assistance.

Meet your super guarantee obligations

Remember to pay the Super Guarantee (SG) for all eligible employees’ super funds in full and on time. The current SG rate is 11.5% and timely contributions will help you avoid the super guarantee charge. The next SG payment deadline is the 28 November.

Start reporting through your single touch payroll (STP)

If you haven’t yet started reporting through STP and don’t have an approved exemption, deferral or concession, now is the time to start. For new businesses or recently hired employees, reporting through STP should begin with your first payroll.

As the festive season approaches, many businesses will be preparing to bring on additional staff to manage the holiday rush. If you’re hiring seasonal employees, ensure you’re prepared.

For more information on employer obligations or for assistance with your taxation and superannuation queries, reach out to your Simmons Livingstone advisor at 1800 618 800 or via email at admin@simmonslivingstone.com.au