End of financial year is an opportunistic time to assess all the facets of your enterprise and look at opportunities and get a jump on the year ahead.
The Australian Tax Office's introduction of Single Touch Payroll reporting is perhaps the most significant change for small-to-medium business owners in the 2018/19 fiscal year.
This reporting change is mandatory from 1 July 2018 for all companies that have 20 or more employees on their books.
Under the new system, employers will report their payroll activities (such as salaries and wages, pay as you go (PAYG) withholding and superannuation information) to the ATO in real time, using a Single Touch Payroll-enabled software solution, rather than submitting payroll information in bulk periodically.
It will save you time in the long term, but first of all, you have to make sure that your payroll software is updated and we are here to help! Annually conducting interim planning with our team at Keeping Co. is the easiest way to make sure you're aware of upcoming ATO changes such as these - and of course, any software costs count as deductions for tax purposes.
Subject to legislation being passed, Single Touch Payroll will be expanded to include employers with 19 or fewer employees from 1 July 2019.
For all media enquiries please contact Tracy Miller, CMO, Keeping Company 0414 898 452.