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Super changes for employers and support for small business salary and wage payments made to employees on or after 1 July 2021, even if some or all the payment relates to work performed before this date. The next SG quarterly due date is 28 October 2021. For more information, visit ato.gov.au/PayingSuper
Requesting stapled super fund details from 1 November 2021 From 1 November 2021, you may have an extra step to take to comply with choice of fund rules for employees who start on or after that date. If a new employee doesn’t choose a super fund, you may need to request details of a ‘stapled super fund’ from us. A stapled super fund is an existing account which is linked, or ‘stapled’, to an individual so that it follows them as they change jobs. This aims to reduce account fees by stopping new super accounts being opened every time an employee starts a new job. More info is available at ato.gov.au/StapledSuperFund
Single Touch Payroll (STP) Phase 2 Each time you pay your employees through Single Touch Payroll (STP) enabled software, you send their tax and super information to us, including:
While your tax and super obligations may be the last thing on your mind as you continue to navigate the impacts of COVID-19, we want to highlight some recent changes to the Super guarantee as well as upcoming changes to Single Touch payroll.
These changes may impact the way your business reports and pays your tax and super, so it’s important to understand them. We’ve also included information about additional help and support resources if you need it. If you’re unsure what these changes mean for your business, or have other tax and super questions, we encourage you to seek advice from your trusted tax professional, check our website for more information, or contact us. We’re here to help.
Super guarantee (SG) changes On 1 July 2021, the SG rate increased from 9.5% to 10%. This means you’ll need to calculate SG contributions at 10% on all
66 Business Franchise Australia and New Zealand
• salaries and wages • pay as you go (PAYG) withholding • super liability information. From 1 January 2022, the data collected through STP is changing. This is known as the STP expansion or STP Phase 2. The additional information you need to report should already be captured in your payroll software. STP Phase 2 will reduce the reporting burden for employers who need to report information about their employees to multiple government agencies. It also supports the administration of the social security system. For example: • you will no longer need to send Tax File
