BUSINESS TIP #2 – If employing any workers, put their wages tax and super to the second bank account too.
Business tip #2 – If employing any workers, put their wages tax and super to the second bank account too.
If employing staff, you are required to withhold wages tax from their pay, and also pay 9.5% on their gross wage. So each time you do the employee’s pays, see what the wages tax and super is, and put this to the second bank account, to help pay for when its due, so you don’t fall behind on paying their obligations. The ATO can make you personally liable for their wages tax and super, if the business doesn’t pay these amounts.
By Pat Hoey