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Changes to Super for under - 18s

Alan Law • Apr 20, 2022

From 1 July 2022, you will need to pay super for your employees who are under 18 years old if they work more than 30 hours for you in a week.

This is because the $450-per-month threshold for super guarantee is being removed.


Employees who are under 18 will be eligible for super if they work more than 30 hours in a week, regardless of how much they’re paid.


For example, Jenny is 17 years old and works a 32-hour week once a month at her local hardware store, earning $382 before tax. She also works 6 hours a month as a barista for a cafe down the road.


As Jenny works over 30 hours in one week in her job with the hardware store, her hardware employer will need to pay her super from 1 July 2022.


As Jenny does not work 30 hours in a week in her job as a barista, she won’t be entitled to super for this work. Likewise, Jenny won't be entitled to super for any weeks she works less than 30 hours for the hardware store.


As we move closer to 1 July 2022, check your payroll and accounting systems have been updated so you can correctly calculate your employees' super guarantee payments.

Time To Lodge Fringe Benefits Tax Return

By ACP Team • 17 Apr, 2024
From 1 April, it's a new fringe benefits tax (FBT) year. If you're an employer and have provided certain benefits to your staff in addition to their salary and wages, it's important to understand how FBT works and what is considered a fringe benefit. Perks that could attract FBT include providing employees with a work car (including dual cab Utes) for private purposes, gym memberships, or tickets to an event or show. If you provided these benefits to your staff, make sure you know how to lodge and pay the FBT. Here's 4 easy steps to help you get your FBT reporting right the first time: Identify the types of fringe benefits you provide Determine the taxable value of each fringe benefit Lodge an FBT return and pay by 21 May (for self-preparers). If your tax professional lodges electronically on your behalf, you have until 25 June Keep good records to support your calculations and FBT position If you don't have an FBT liability for the 2023–24 FBT year and you're registered for FBT, you will need to lodge a completed FBT non-lodgment advice form. If this is your first time lodging through a tax professional, make sure you contact them before 21 May to be added to their FBT client list. This ensures you’re eligible for the June lodgment and payment date. Contact us today – your Sydney small business accountants, or simply call us on 02 80467621.

Small Business Crypto Tips

By ACP Team • 20 Mar, 2024
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Super Concessional Contribution Cap Increase

By ACP Team • 14 Mar, 2024
The Federal Government recently announced the increases in the standard concessional and non-concessional contributions caps. From 1 July 2024, the standard concessional contribution cap will increase from $27,500 to $30,000. From 1 July 2024, the non-concessional contribution cap, which is expressed as 4 times the standard concessional contribution cap, will also increase from $110,000 to $120,000. This also means that the maximum available, under the non-concessional contribution bring-forward provisions, will increase from $330,000 to $360,000. From 1 July 2024, the Total Superannuation Balance Thresholds used to determine the maximum amount of bring-forward non-concessional contributions available to an individual will also be adjusted. Running your own business and have no time to deal with tax issues? Contact ACP Accountants today on 02 8046 7621, or email us at info@acpaccountants.net.au, and we will take care of your taxation matters as they were our own.
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