The Office of the Queensland Small Business Commissioner has released a number of important updates to assist small businesses as they transition to the new financial year, including information on the Super Guarantee Rate, Single Touch Payroll and EOFY tasks.

Tenancy Disputes

Over the past month, the Queensland Small Business Commission has experienced a noticeable increase in tenancy disputes involving the eviction of a small business tenant, many dating back to March and April 2020.

While there is no longer a regulatory obligation on landlords to waive or defer rental payments, both parties may reach workable arrangements in good faith.

The Office of the Queensland Small Business Commission has offered their assistance with template emails, for those unsure of how to begin a conversation with their landlord/tenant.

If you have not yet reached an agreement regarding a rent reduction sought between March and December 2020, it is still important that you do so. Some regulatory protections afforded to tenants during the Covid-19 response and extension periods are set to expire at the end of September 2021.

The Small Business Help and Support Document contains a collection of grants and assistance available for small businesses.

Tax Implications from COVID related rent concessions

If you have given/received rental concessions (waiver and/or deferral) as a result of the pandemic, there may be tax implications for your business.

Declarations, claimable deductions, as well as your GST obligations will depend on:

• The type of rent concession you have received or given
• If an existing agreement has changed, or a new/additional agreement is created
• Your accounting method (applicable if you are a landlord).

Click HERE for more information.

Super Guarantee Rate Rise

As of 1 July 2021, the super guarantee rate will rise from 9.5% to 10%. This means that all salaries and wages that are paid on and after 1 July 2021 will need the rate of 10% to be applied.

Some pay periods will cross over between June and July when the rate changes. The percentage employers are required to pay is determined on when the employee is paid, not when the income is earned.

If a pay period ends before 30 June, but the pay date falls on or after 1 July, the 10% rate will apply. The payment date determines the super guarantee rate payable, regardless of when the work was performed.

Visit ato.gov.au/SuperRate and ato.gov.au/SuperForEmployers for more information.

Changes to Single Touch Payroll reporting

As of 1 July 2021, there are changes to Single Touch Payroll (STP) reporting for small employers with closely held payees and quarterly reporting for micro employers.

The Queensland Small Business Commissioner defines a closely held payee as someone directly related to the entity they receive payments from, including:

• Family members of a family business
• Directors or shareholders of a company
• Beneficiaries of a trust

Small employers (with 19 or fewer payees) must report amounts paid to those closely-held payees through STP as of 1 July 2021.

Click HERE for more information.

Free mental health programs for small business

Mental illness is the single biggest reason of disability in Australia, and small business owners are a vulnerable population that is often difficult to reach through traditional services.

Counting On U is an Australia-wide, workplace mental health and relationship-building intervention service that aims to provide training to business advisors to better support the needs of small-to-medium business owners.

Business advisors (such as an accountant, bookkeeper, financial partner, insolvency expert etc.) can learn more about the program HERE.

This program can teach you the skills to promote and protect the mental health of your SME clients, whilst looking after your own mental wellbeing in the process.

Get involved and register your interest HERE.

Essential tasks at end of financial year (EOFY)

The end of financial year is an important and busy time for small businesses.

Business.gov.au has collated a list of essential tasks which will show you how to prepare for EOFY and get your business ready for the year ahead.

Some of the tasks you will need to do as a small business owner include:

1. Check what record keeping and other tasks to complete
2. Find out what tax deductions and concessions you can claim
3. Check your tax agent is registered
4. Keep up-to-date with tax changes
5. Be wary of tax refund scams
6. Review your finances
7. Review your business and marketing plans
8. Review your business structure
9. Check your insurances
10. Backup and secure your files

Click HERE for more information.

The Office of the Small Business Commissioner will continue to share updates on what these changes mean for your business.

Source: Queensland Small Business Commissioner

1 July 2021