Its hard to believe but we’re already through July! Here is what you need to know for the month of August. 

This month there are four key dates you need to note and make sure you don’t miss:

Monday 14 August

Lodge PAYG withholding payment summary annual report for:

• large with-holders whose annual withholding is greater than $1 million
• payers who have no tax agent or BAS agent involved in preparing the report

Monday 21 August

Lodge and pay July 2023 monthly business activity statement

Friday 25 August

Lodge and pay Quarter 4, 2022–23 activity statement if you lodge electronically

Monday 28 August

Super Guarantee Charge Statement
Lodge and pay quarter 4, 2022–23 Superannuation guarantee charge statement if the employer did not pay enough contributions on time

Taxable Payments Annual Report (TPAR)

Lodge Taxable payments annual report (TPAR).

The TPAR tells us about payments that are made to contractors for providing services. Some government entities also need to report the grants they have paid in a TPAR

If you’re a trade apprentice using your car for work, you may be eligible to get 100% off your registration renewal as of 1 July 2023.

Who can apply?

You can apply for the discount (or a refund of the discounted amount) if:

• you’re an apprentice currently employed in an approved training scheme registered with:
• the Victorian Registration and Qualifications Authority (VROA)
• Training Services New South Wales
• the Department of Educations (Skills SA)
• you’re a Victorian resident
• you’re the registered operator of a car, ute or van which is used for approved work purposes, (e.g., to transport tools necessary for your apprenticeship), or you regularly use it to get to or from work between 8:30pm and 5:30am. The vehicle cannot exceed 4.5 tonnes GVM
• you have a current Victorian driver’s licence and
• you’ve received your registration renewal notice                               

Who can’t apply?

You can’t apply for this discount if:

• you’re a learner driver
• your licence is expired, cancelled, or suspended
• your vehicle is registered in someone else’s name
• you have an apprenticeship discount already applied on another vehicle registered in your name

Did you know WorkCover isn’t as simple as just paying your invoice each year? As an employer, WorkCover insurance is compulsory for almost all Victorian employers and is funded by their contributions.

At the start of every financial year, WorkCover asks you to update your rateable remuneration declaration. This is then used to help calculate your WorkCover premium for the year.

Employer premiums are calculated as a percentage of the annual remuneration paid to workers. If your total remunerations is $200,000 or less, you will pay a premium based on an industry rate.

The average premium rate for 2023-24 is currently 1.8% and this is effective from 1 July 2023.

If you are an employer, you would have received your premium renewal notice in July via mail. This will also be available via the Online Employer Services (OES) portal.

A discount of 5% is available for employers who pay their full year’s premium by 14 August 2023 and discount of 3% is also available to employers who wish to continue to pay their premium in full by 1 October 2023.

Information on ways to pay your premium will be set out in your premium notice.

At the end of the financial year, you will need to let WorkCover know what your actual annual rateable remuneration was (this is known as declaring or certifying your remuneration) by the due date on your notice. If you don’t, you may be required to pay a penalty.

The due date for certifying remuneration is 27 October 2023 for large employers and 22 March 2024 for small employers.

From 1 July 2023, a temporary payroll tax surcharge will apply on wages paid in Victoria by businesses with national payrolls over $10 million a year. 

A rate of 0.5% will apply for businesses with national payrolls above $10 million, and businesses with national payrolls above $100 million will pay an additional 0.5%. 

The surcharge will apply for 10 years until 30 June 2033.

Your super is one of the biggest assets you’ll accumulate in your lifetime. However, many Australians think they don’t need to worry about their super until retirement. Some don’t think about it at all.It’s a good idea to regularly review and manage your super. This ensures you are getting the super you are entitled to from your employer and you know where it is! The super health check consists of 5 simple and important things you can do to get on top of your super today.

Complete these checks at least once a year around tax time, click the below button for all your required checks.

Are you struggling with record-keeping? Download the ATO app, it is free and helpful if you’re a sole-trader who has less complex record-keeping requirements. 

You can use the ATO app to:

• record your business income.
• record and manage car trips, expenses, and other deductions on the go using the myDeductions tool in the app.
• upload financial year deductions into the myDeductions tool so    
  • the ATO can use the information, to pre-fill your tax return or your tax agent’s SBR-enabled software.
  • you can email it to a tax professional
• view your tax accounts
• view your personal details such as your tax file number
• view your registered agents details
• tracking your superannuation

Plus so much more. To use the ATO app, download it from Google Play or the App Store. 

Are you looking for funding for an event, project, new business, or growing your current business? 

Both Business Victoria and Greater Shepparton City Council have grants open right now – but some have deadlines so act fast if you wish to apply. 

Community Grants Program – Greater Shepparton City Council

The below grants are currently open but have deadlines.

• Access and Inclusion – 1 September 2023

• Community matching – 1 September 2023

• Minor and Major Event- 1 September 2023

Grants and Programs – Business Victoria

The below grants are currently open and ongoing. 

• Business Relief Service

• Small Business Bus

• Workforce Skills Set Fund 

• Business Advice

• Partners in Well-being Helpline

The below grants are currently open but have deadlines.

• Business Groups Flood Recovery Grants – 31 October 2023

• Digital Jobs for Manufacturing – Closing 31 March 2024

• Ready for Growth – Closing 1 June 2024

If you have any questions or concerns about the deadlines and changes coming up, call us on 5831 1466 or email admin@jhco.com.au and we’ll organise a time for a confidential chat.