Single Touch Payroll for Small Employers
Rudd Hannay Accountants • March 12, 2019
Single Touch Payroll for Small Employers
The Tax Office has announced that Parliament has passed legislation to extend Single Touch Payroll (STP) reporting to include all small employers (less than 20 employees) from 1 July 2019. STP is the electronic reporting of wages information to the Tax Office at the time payments are made to employees. It does not change the timing of PAYGW and Superannuation payments.
Below are links to the Commissioner's statement as well as further information on the ATO website.
We will be sending out information about the options available to our clients in the near future.
If you would like further information, or to check if you are ready for the 1 July 2019 start date, please contact us.
Let’s say you’ve just sold the house you inherited from your parents 12 years ago for $1.3 million. You’ve been renting it out for most of that time, but the property market has been hotting up and you were told by several real estate agents that they could get you a good price.
This piece is aimed at self-employed clients, so if you’re a salary earner or a retiree you can safely move on to the next item.
If you are owed money and you forgive that debt, potentially there are some important CGT consequences.
Most people think of superannuation as money they can’t touch until retirement, but there are important exceptions. One significant exception is the permanent incapacity condition of release, which can allow people who are totally and permanently disabled to access their super earlier.
If you find yourself in the position of having bought yourself a new home before you sold your existing home, there are important CGT issues to consider – and these centre on the fact that under the CGT rules, you cannot have two or more CGT exempt homes at the same time.
Superannuation rules are always evolving, and 2026 is shaping up to be another year of important changes. Some of these updates may only affect a small group of people, while others could impact almost everyone with super.
Many retirees dream of taking a “lap of Australia” in a caravan. A common question is what happens to the Age Pension and the family home if you leave it for a year.
No doubt noting the growing trend for people to rent out property for short-term accommodation, the ATO has withdrawn a 40-year old ruling and replaced it with a new draft Taxation Ruling accompanied by two draft Practical Compliance Guidelines that between them cover everything relating to renting out all or part of your property without carrying on a business, including income and deductions in a variety of circumstances.
With more than $4 trillion in superannuation, it’s no surprise scammers see it as a goldmine. ASIC has warned Australians to be on high alert after a rise in pushy sales tactics and false promises designed to lure people into risky super switches. Since your super is one of the biggest investments you’ll ever make, protecting it is crucial. Here’s what you need to know to keep your nest egg safe.
An important reminder: Interest incurred in income years starting on or after 1 July will no longer be deductible, regardless of whether the debt relates to an earlier income year.