Chartered Accountants

Latest News

Resources to help understand and implement Single Touch Payroll (STP)

STR is a significant change for business tax compliance, though for now those businesses that need to make this charge have 20 or more employees.  Changes take effect on 1-7-2018, 12 months later for businesses with less than 20 employees.

       

 

In short, this change means that ‘you will report payments such as salaries and wages, pay as you go (PAYG) withholding and superannuation information from your payroll solution each time you pay your employees.’

The information and links listed below will help you quickly check or double check what you need to do to comply.  If you are having trouble or want to discuss cash flow and tax implications then ask your accountant.  But, above all, do not delay in getting ready for this change.

 

ATO resources and explanatory notes:

  1. Single Touch Payroll, including two videos.
  2. About Single Touch Payroll
  3. Get ready for Single Touch Payroll
  4. Report through Single Touch Payroll
  5. Single Touch Payroll for employees
  6. News, events and resources related to STR
  7. What you need to report through Single Touch Payroll

 

Source:  Australian Taxation Office (ATO)

Latest Accounting News

  • FBT Reminder – Odometer Reading

    Anybody who has a Fringe Benefits Tax obligation should take an odometer reading of motor vehicles.

  • ATO’s debts on hold campaign prompts new IGTO guidance

    New guidance has been released on best practice principles for debt notifications in response to the re-activation of old debts by the ATO.

  • Small business benchmarks

    The ATO has developed quite a number of benchmarks to help small businesses develop an idea of their performance compared to similar businesses in the same industry.

  • The 2025 Financial Year tax & super changes you need to know!

    The new financial year is fast approaching and so are a number of changes to superannuation contribution amounts and the individual tax rates. These changes are outlined below, as is some information on how you may be able to work with these changes when managing your tax affairs during 2024-25.