Tax time reminders for small businesses from the ATO
The ATO is encouraging small business owners to prepare for their 2024 tax return lodgment by considering the following: […]
Tag: STP
New stapled super changes coming for employers
Employers get ready – there’ll soon be an extra step involved when it comes to hiring new employees. From 1 November 2021, employers will need to determine if a new employee has a “stapled” super fund and request the details from the ATO where a new employee has not nominated a super fund. A stapled super […]
Single Touch Payroll update
Phase 2 coming soon The ATO is expanding the information that businesses send through Single Touch Payroll (STP). From 1 January 2022, most employers will be required to send additional information such as the commencement date of employment and cessation date of employment for employees, their reasons for leaving employment and work type. The basic information […]
Unpaid super: important amnesty update for employers
The launch of Single Touch Payroll (STP) will dramatically improve the ATO’s ability to monitor employers’ compliance with compulsory super laws moving forward. This electronic reporting standard is now mandatory for all Australian businesses and gives the ATO fast access to income and superannuation information for all employees. The government is getting tough on unpaid […]
ATO will inform certain tax agent clients their information is “Tax ready”
If tax agent clients’ employers report through Single Touch Payroll (STP) and the clients are linked to ATO online services through myGov, the ATO will send them a myGov Inbox message to let them know that their end of year payment summary (income statement) has been marked by their employer as “Tax ready” and can […]
STP exemptions and deferrals – ATO reminders
With reported unpreparedness for Single Touch Payroll (STP), mainly among small businesses, and with employers having less than 19 employees needing to report their employees’ tax and super information through STP from 1 July 2019, the ATO has reminded businesses about the STP exemptions and deferrals that are available. There are exemptions for reporting through […]
Payment summaries and STP this tax time – taxpayers may need a myGov account
While it is being reported that many businesses are not ready for Single Touch Payroll (STP), one report suggests that 70% of small and medium-sized entities (SMEs) are not ready, the employees of businesses that are operating STP face some changes. As a result of the introduction of STP, taxpayers may need a myGov account […]
Single Touch Payroll: low-cost solutions now available
Single Touch Payroll (STP) is a payday reporting arrangement where employers need to send tax and superannuation information to the ATO from their payroll or accounting software each time they pay their employees. STP reporting started gradually from 1 July 2018, and it will be required for all small employers (with fewer than 20 employees) […]
Federal Budget – Personal Taxation
Personal tax cuts: low–mid tax offset increase now; more rate changes from 2022 In the 2019–2020 Federal Budget, the Coalition Government announced its intention to provide further reductions in tax through the non-refundable low and middle income tax offset (LMITO). Under the changes, the maximum reduction in an eligible individual’s tax from the LMITO will […]