The Tax Office has deferred the commencement date of Single Touch Payroll (STP) for small employers with closely held (related) employees until 1 July 2021 as a result of the current COVID-19 crisis. As previously advised, this was due to commence 1 July 2020.
A closely held (related) employee is someone who is directly related to the business, company or trust that pays them, such as:
- family members of a family business - directors or shareholders of a company - beneficiaries of a trust
If we have identified your entity as a small employer with closely held employees. Accordingly, your STP reporting commencement date has been deferred until 1 July 2021. You must ensure that you have sufficient processes in place to report via STP by this date. This may require an update to your current accounting software.
You can choose to commence STP reporting early if you wish assuming you have the appropriate software in place.
If you have any questions or concerns, please contact one of the team or myself.
From 1 July 2026, employers must pay their employees’ superannuation guarantee (SG) contributions at the same time as salary or wages. This new system is known as payday super.
There is a lot of talk in the media about whether the government is going to change the 50% CGT discount – which currently provides for a taxpayer to be only assessed on half their capital gain.
The Australian Taxation Office (ATO) has issued a warning after spotting a rise in people trying to access their superannuation early, and not always for the right reasons.
For many older Australians, having wealth tied up in the family home can make day-to-day expenses challenging. The Home Equity Access Scheme (HEAS) is a government-backed program that allows eligible seniors to unlock some of the value in their home without selling it.
Learn how topping up your super could help reduce your tax bill after a capital gain, and when catch-up concessional contributions may be worth considering.
Read more about permanent incapacity and super, including when total and permanent disability may create an opportunity to access super before retirement.