Hello and welcome to your September newsletter from all of us here at Bee Group Accountants.
As we move into September, we are coming to the end of the first quarter of the new financial year.
For those who have scheduled their annual taxes to be completed in September, you will be receiving correspondence shortly that will detail out the information that we will need to get started.
If you are yet to get in touch with us about your preferred month to get your accounts done, please feel free to contact us to check availability and schedule your work.
Directors ID
You must register for your Directors ID number. The date for this is fast approaching and it can be a little difficult to link the required roles to your MyGovID in order to make the application. To make sure that you have enough time to do this you should start soon.
The process itself is very quick once you have all of the information. This number is not sent out to you by post or other form of notification so when you get the details at the end of the application can you please let us know so that we can add it to your profile for when your company renews.
Who needs a Director ID?
You need a director identification number (director ID) if you’re a director of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation.
When do I need to apply?
You can apply for a director ID now.
When you need to apply is determined by when you were first appointed, and under which Act.
If you plan to become a director, you can apply before you’re appointed.
You MUST apply before the 30 November 2022. As with most things government there are major fines if you don’t comply.
To apply, visit this link: https://www.abrs.gov.au/director-identification-number/apply-director-identification-number
Engagement
We will be issuing engagement letters this month which will cover your service agreement with the Bee Group for the upcoming 12 months (October 2022 – September 2023).
There are 2 options with 3 tiers to choose from, so please carefully read the information provided and let us know your preferred option. Agreements will be issued by our proposal system called Ignition, which simplifies proposal acceptance and payment arrangements.
Corporate Compliance
As part of our service to you, we manage your annual ASIC company statement.
Each year, we send your company an annual statement shortly after the annual review date (which in most cases is the date you registered the company).
Our email to you will contain:
- a statement of your company’s current details,
- an invoice for your company annual review fee, and
- a solvency resolution.
What is a solvency resolution?
Company directors must pass and store a solvency resolution within two months of the annual review date, unless you have lodged a financial report with ASIC in the past 12 months.
A solvency resolution is a resolution made by the directors of a company as to whether or not, in their opinion, the company will be able to pay back its debts when they are due.
The directors must have a reasonable basis for their opinion and the resolution must be passed by a majority.
What do you need to do?
To keep your company registered, you must complete the following steps.
Step 1: Pay your annual company review fee.
Step 2: Check and update your company details on your Company Statement (review and sign electronically)
Step 3: Pass a solvency resolution (review and sign electronically)
NowInfinity
This documentation is sent to you via NowInfinity Corporate Messenger. At times, spam or junk mail filters may prevent these important emails from reaching your mailbox. Please check your spam or junk mail folders regularly to ensure you receive these renewals in a timely manner, and add thebeegroup.com.au to your trusted or safe senders list in your email client.
Upcoming Dates for September
21 – The August Monthly BAS (or monthly PAYG Withholding) lodgements are due.
8-25 – Sheree is taking leave this month but will be in contact with the office from time to time. If you have any urgent requests during this time, please note that it may take the office a few days to respond. You can also contact Gazini directly on 07 5236 0619 or Jane on 07 5240 9963.
Reminder: Queensland Workcover Wage Declarations
Queensland Workcover Wage Declarations were due on the 31st August, 2022. Have you lodged yours?
See https://www.worksafe.qld.gov.au/claims-and-insurance/workcover-insurance/policy-renewal-and-declaring-wages for more information.
Annualised Salaries
From the 1st September, 2022, new annualised wage arrangement rules will apply for those employed under the restaurant and hospitality awards.
What’s changing?
From 1 September 2022, there are new annualised wage arrangement rules in the Hospitality Award and the Restaurant Award, following a decision made by the Fair Work Commission. These replace the previous annualised salary arrangement provisions in these awards.
Key changes include:
- rules about what award entitlements can be included in an annualised wage arrangement
- new rules about the maximum number of hours that attract overtime or penalty rates that an employee can work in a roster cycle and be included in their annualised wage (called the ‘outer limits’)
- what needs to be included in a written agreement for an annualised wage arrangement
- extra record-keeping rules
- new rules about ending an annualised wage arrangement.
These changes:
- only apply to full-time employees covered by the Restaurant Award or the Hospitality Award
- don’t apply to people employed as Managerial Staff (Hotels) under the Hospitality Award.
More information can be found here: https://www.fairwork.gov.au/newsroom/news/annualised-wage-arrangements-restaurant-cafe-and-hospitality-workers
Updating Your Details
Please let us know if any of your contact details have changed recently. As part of our new engagement process, we will be confirming the contact details that we have on file. It is important that you notify us of any changes as soon as possible to ensure that you receive important correspondence in a timely fashion.
Telephone Update
Unfortunately, we are still experiencing intermittent issues with our telephone lines. Please continue to call our main line on (07) 5501 5765 however if you experience issues with connection, please email us and we will get in touch with you as soon as possible.
As always, please reach out to us if you have any questions or queries. We look forward to hearing from you.
Have a great day!
Sheree
