Paramount Bookkeeping Services

Annual Wage Review decision

The Fair Work Commission has announced:

The National Minimum Wage will be increased to $882.80 per week or $23.23 per hour
a 5.75% increase to minimum award wages.

The increase applies from the first full pay period starting on or after 1 July 2023. Learn more about the Annual Wage Review decision Fair Work website.

They are working to update the pay tools, website information and resources.

ATO PAYGW pre-fill is coming to Activity statements
From July 2023, the ATO will use employers’ Single Touch Payroll (STP) data to pre-fill pay as you go (PAYG) withholding labels W1 and W2 on your employer clients’ ATO Online activity statements.

ATO PAYG withholding pre-fill will be available from the:

July activity statement for monthly PAYG withholders
September activity statement for quarterly PAYG withholders.
ATO PAYG withholding pre-fill will appear when your activity statements are made available in ATO online services.

There may be times when you need to correct your pre-fill. You'll be able to change pre-filled amounts if they don't match your records.
Remember, the software and payroll records should be the primary source of data.

You should continue to complete any remaining labels on your activity statements before you lodge and pay (where applicable) as you do now.

Statement from ABRS Registrar Chris Jordan on the director ID deadline
"I am today confirming that Australian Business Registry Services (ABRS) will apply a pragmatic compliance approach to directors who are required to apply for a director ID by 30 November 2022, if they apply by 14 December 2022.

Over 1.8 million directors have now applied for their director ID, with almost 78,000 directors applying in one day alone on 29 November 2022. But with the total director population in Australia estimated to be more than 2.5 million, this means around 700,000 directors still need to apply.

The ABRS will not apply compliance resources to determine whether individuals met their director ID obligations by 30 November 2022 if they apply for a director ID by 14 December 2022.

Whilst penalties or offences can apply, the community can expect ABRS to take a reasonable approach to support people to apply.

By applying for a director ID, you’re helping to protect the community from those doing the wrong thing, for example, illegal phoenix activity, which is estimated to cost the community up to $5 billion a year."

Chris Jordan

Commissioner of Taxation and Registrar, Australian Business Registry Services

This new year brings with it significant changes to your payroll processing including;

New Super Guarantee rate of 10.5%
Removal of the monthly $450 Super threshold
New rules for Super for employees under 18
New rules for Super for Private & Domestic Workers
Increase to Maximum Super Contributions Base
Student Loans Repayments Threshold
National Minimum Wage and Award Increases
It is also vital you get the timing right when finalising your year end, processing your STP Finalisation and Reconciling your figures in your Profit & Loss, Balance Sheet and BAS before submitting to the ATO.