Key Changes for Business Owners to Know from 1 July 2015
A new financial year is coming, here are some important changes taking into effect from 1 July 2015. Business owners should keep in mind to ensure your business is complying with the new rules.
The national minimum wage will be increased to $656.9 per week, i.e. $17.29 per hour, an increase of 2.5% to minimum wage.
- Pay period in the 2015/16 financial year
Usually a year consists of 26 pay periods, but there are 27 periods for 2015/16 financial year. That means employees who would expect to receive a tax refund may find that they owe money instead due to the extra pay period.
As employers, you could provide them with the option of withholding additional amounts from their pay to avoid the possible debt.
Small business superannuation clearing house is to ensure businesses meet their super obligations. The eligibility for this will be changed to include businesses which have an annual aggregated turnover of $2 million or less from 1 July 2015.
- Super Stream
SuperStream will start from 1 July 2015 for businesses with 19 or fewer employees, and your business must be SuperStream compliant by 30 June 2016.
For business with 20 or more staff, you need to be compliant by 30 June 2015. If your business is not compliant, you must have a plan in place to show your business to be compliant by 31 October 2015.
- Tax changes for small business
- companies income tax will decrease from 30% to 28.5%
- a 5% tax discount for other small business
- assets purchased after 12 May 2015 with cost less than $20,000 can claim immediate deduction
- immediate deduction of professional costs for establishing a small business in the year incurred rather than allocating the cost over five year
Some registration and service fees from ASIC will increase from 1 July 2015 and there is also fee changes for the Australian Financial Security Authority and Personal Property Securities Register.
You can go to the website for further details.
- Employers and Job Seekers
Job Service Australia is the organization help both employers and employees with job issues. It helps businesses find suitable staff at no cost, provides wage subsidies if satisfying certain conditions, and provides supporting online services for employers to advertise and manage vacancies.
You are welcomed to talk to us if you need help on either starting a new business or issues with your existing business. Please call us on 08 8337 4460 or visit our office on 202 Gorge Road Newton.