The new financial year is quickly approaching and for many businesses that will mean changes will have to be made to their payroll to remain compliant with legislation.<\/p>\n\n\n\n
The main focus for July 1st is to have STP (Single Touch Payroll) in place. All businesses regardless of size now need to report each payroll event to the ATO electronically via STP. In the upcoming financial year, all PAYG and PAYGW figures should also now flow through automatically to each online BAS \/ Activity statement.<\/p>\n\n\n\n
With the introduction of STP, there are no longer payment summaries as this information (now called an Income Statement) now appears in the employee\u2019s MyGov account. When the employer\u2019s annual STP reconciliation is complete, the income statement will be marked as \u2018Tax Ready\u2019 \u2013 it is recommended that no tax return be done unless earnings are \u2018Tax Ready\u2019. The ATO has advised that all employers must finalise the 2018\/19 STP reconciliation by 31st July.<\/p>\n\n\n\n
Following is a summary of key information any payroll professional requires to ensure compliance in the 2019\/20 financial year:<\/p>\n\n\n\n
If you are unsure if your payroll is compliant, call E-Payoffice and enquire about our payroll service. For most businesses, our payroll service is a cost-effective payroll solution compared to in-house processing.<\/p>\n","protected":false},"excerpt":{"rendered":"
The new financial year is quickly approaching and for many businesses that will mean changes will have to be made to their payroll to remain compliant with legislation. The main focus for July 1st is to have STP (Single Touch Payroll) in place. All businesses regardless of size now need to report each payroll event […]<\/p>\n","protected":false},"author":1,"featured_media":220,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"yoast_head":"\n