Hiring new employees for the festive season?

We’ve got some handy tips to help you stay on top of your tax and super obligations.

As the festive season approaches, you may be thinking of hiring new employees to help with your business.

Here are some key things to remember when it comes to your tax and super obligations.

Withhold the right amount of tax

As an employer, you’ll need to make sure you’re withholding the right amount of tax from payments you make to your employees and other payees.

This helps them to meet their end-of-year tax liabilities.

Your accounting or payroll software, our tax tables or our online tax withheld calculator will help you do this.

Don’t forget to pay super guarantee (SG)

You must pay SG to all eligible employees’ super funds in full and on time to avoid paying the super guarantee charge.

The next SG payment is due on 28 October.

ATO Super guarantee contributions calculator can help you work out how much SG you need to pay.

You can also use ATO’s SG checklist to make sure you’re meeting your SG obligations.

Report through Single Touch Payroll (STP)

If you’re still not reporting through STP and don’t have an approved exemption, deferral or concession in place, you should start reporting now.

If you’ve just started a business or recently employed staff, you’ll need to report through STP from your first payday.

Remember, if you report through STP you don’t need to send us your employee’s completed TFN declaration. We’ve already received this information through your STP reporting. You’ll still need to keep this information for your own records.

More information

Find out more on the ATO’s website about how to meet your employer obligations.

Source: ATO