Patane Accounting Pty Ltd is a CPA Practice

P. (08) 9721 1055 | F. (08) 9721 1033 | | 31 Victoria Street BUNBURY WA 6230

Personalised service & advice you can count on!

ATO news

 

Single Touch Payroll

Single Touch Payroll (STP) will be mandatory for employers with 20 or more employees as of the 1st of April 2018.

Employers will need to do a headcount and if they are considered to be a ‘substantial employer’ (as of this date) will need to be lodging using STP enabled software as of the 1st of July 2018.

Most online payroll providers will be compliant and in summary STP will mean that:

  • Wages information will be reported directly to the ATO when the payroll is processed (including superannuation)
  • Year-end payment summaries and year-end annual payment summaries will no longer need to be provided to the ATO (however a finalisation declaration will need to be made)
  • Employees will be able to see their year-to-date and super information through myGov
  • Monthly instalment activity statements will be able to pre-filled

In the lead up to this you should speak to your software provider and review your business processes. Note there are some available deferral options and exemptions available however hopefully they won’t be necessary if you are using online payroll software.

For more information on Single Touch Payroll (STP) you can visit the ATO website or contact our office on 97211 055.

 

 

Click for past ATO news.

Free business consultation

(to be confirmed prior to meeting)

Sometimes the only way to understand a person’s business or financial situation is by meeting face-to-face.

All new clients or people looking to speak with an accounting professional are offered an initial consultation with the first hour at no charge.

If you have some concerns and wish to take advantage of a confidential personal discussion simply call 08 9721 1055 to arrange a meeting.

Book Your Free business consultation

  • This field is for validation purposes and should be left unchanged.
  • Keep updated with new ATO Alerts