29th May, 2015
End of Financial Year can be complicated enough, without the added stress of how to meet your compliance obligations for the year to come. Let’s take a look at what tax changes affect you as a small business for 2015/2016 and how MYOB can help you stay compliant through your MYOB Essentials, AccountRight or AccountEdge software.
There’s a couple of changes to individual tax rates from 1 July 2014 that require tax table updates to your software.
The Medicare levy rate for low income earners is increasing.
Increase to threshold levels for PAYG
From 1 July, the GDP adjustment used to work out quarterly PAYG instalment amounts will be 3 percent (down from 4 percent last year)
Indexation of HELP and HECS
HELP (HECS) contributions thresholds have had their annual threshold adjustment.
ATO privacy statement
The ATO privacy statement link needs to be included on all PAYG Payment Summaries.
If you’re working with AccountRight or AccountEdge, you’ll need to load your new tax tables (available when you install your compliance update) before you process your first pay for the new payroll year.
If you’re working with MYOB Essentials, the tax tables will be automatically updated for you ready for the first pay of the new year. It’s that easy.
SuperStream is a government initiative to simplify your superannuation obligations. You’ll need to make your super payments electronically (no more sending cheques) and also electronically provide contribution data (including your employees’ details and information about the payment).
SuperStream applies from 1 July and all employers that pay super need to comply. (If you have 19 or fewer employees, you have up to 12 months to make the change.)
MYOB has a SuperStream solution to suit your business.
If you’re using the new AccountRight, you can sign up for Pay Super from the Payroll Command Centre and make SuperStream compliant payments straight from your software.
It’s the easiest way to be sure you’re compliant, and you can pay unlimited super contributions as part of your AccountRight subscription.
If you’re still working on the desktop with AccountRight Classic, now’s a good time to consider upgrading, and enjoy the time saving benefits of Pay Super. Plus you can enjoy all the benefits of working online.
Not everyone can upgrade, so if you need to continue using AccountRight Classic and have a subscription, you have access to use MYOB’s super portal.
MYOB’s super portal is an online, SuperStream certified service that is accessed from your product. By uploading a file created in your MYOB software to MYOB’s super portal, you’ll be able to pay and report all your super contributions.
The portal is available to all payroll clients who have a subscription or Cover agreement with MYOB. See the below table for what to do to get started.
What do I need to do?
AccountRight Classic (v19)
Go to myob.com.au/superstream and select AccountRight as your product to get your tailored SuperStream solution.
Then follow the instructions to either upgrade to the latest version and sign up for Pay Super, or register your details for MYOB’s super portal.
Go to myob.com.au/superstream and select AccountEdge as your product to get your tailored SuperStream solution.
Then follow the instructions to register your details for MYOB’s super portal.
If you have 20 or more employees, you’ll receive an alert in MYOB Essentials about what you need to do to start making easy, compliant super payments.
Otherwise, go to myob.com.au/superstream, select MYOB Essentials as your product to get your tailored SuperStream solution and follow the instructions to register your details for MYOB’s super portal.
Want to know more about tax changes that affect small business? Take a look at our 2015 End of Financial Year Hub. It includes great tax resources to make your EOFY a breeze, including this great article by Liam Shorte about the Instant write-off for small business assets under $20,000.