2023-24 Federal Budget
The Federal Treasurer, Dr Jim Chalmers, handed down the government’s 2023-24 Federal Budget at 7:30 pm (AEST) on 9 May 2023. The Budget forecasts…
Mental Health & Wellbeing Surcharge Tax for Victorian Employers
We are a few months into 2022 now, but incase you missed it some changes to payroll tax lodgements for Victoria rolled in with…
Federal Budget 2021-2022: Securing Australia’s Recovery
2021/22 Federal Budget Last night the Federal Treasurer, Mr Josh Frydenberg, handed down the 2021–22 Federal Budget. The deficit of $161 billion is $52.7…
$2.3 billion NSW COVID-19 Stimulus Package: What is the NSW Government doing to help Aussie businesses?
The current Coronavirus pandemic is affecting all aspects of our lives, NSW is currently home to the greatest number of confirmed cases, sitting at…
Planning your work Christmas party? Tax implications to remember this festive season…
The festive season is fast approaching and for many businesses this means Christmas party planning and gift giving. There are important things to consider…
Work Related claims that the ATO are cracking down on this tax time
With tax deadlines fast approaching, you may be starting to think about what expenses you can claim. One of the commonly targeted areas where…
Income Tax Offsets – What am I eligible for now?
Due to the 2019 Act receiving Royal Assent on 5 July 2019, there has been a positive modification to the Governments previously legislated Personal…
Single Touch Payroll for Micro or Small Employers
Background
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
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.
What you didn’t know about The Budget…
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.