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STP, also known as ‘pay day reporting’, transmits employee tax and super information to the Australia Taxation Office (ATO) directly or through third party software providers after each pay run. STP reporting commenced on 1 July 2018 for employers with 20 or more employees, and there are around 45,000 businesses currently doing STP reporting under this regime.
Single Touch Payroll is a new process in the way employers will be reporting their employee’s tax and super information to the ATO.
STP is offered by some accounting or payroll software. Each time the payroll is run and employees are paid, tax and super information will be sent either directly to the ATO or through a third party, depending on the software. The information that will be reported to the ATO includes employees’ salaries and wages, allowances, deductions, pay as you go (PAYG) withholding and superannuation information. You can continue paying your employees weekly, fortnightly or monthly, you will not need to adjust your pay cycle.
With the announcement that the Federal Budget will be unveiled early, in April 2019 and deliver a federal surplus, can we assume that the economy is performing as well as the federal government would have us believe?
Announced in the midst of a tough week politically, Prime Minister Scott Morrison is hoping that the announcement of the surplus budget will alleviate some of the pressure on the Liberal party. While a Federal surplus budget looks great at face value and appears to show the ‘big picture’ of the economy, the influence of individual states and their budgets cannot be ignored.
Since the Australian economy exists as a common market between all 8 territories and states, any federal announcement, that focuses solely on the federal economy has the potential to mislead us and be conveniently used to shift our attention in times of political stress.
The government will amend the start date of their proposed small business CGT concessions measure. In amendments to the bill on 21 June 2018, the government has decided to push the start date back to 8 February 2018, the date the draft legislation was released for consultation. This will provide a transition period between announcement and the date of effect, a change that is also expected to bring welcome relief to tax advisers and their clients.
Public consultation closed on 28 February 2018 on exposure draft legislation which is intended to implement the 2017 Budget announcement to improve the integrity of the small business capital gains tax (CGT) concessions.
The amendments include additional basic conditions that must be satisfied for a taxpayer to apply the small business CGT concessions to a capital gain arising in relation to a share in a company or an interest in a trust (the object entity).