The extension of Single Touch Payroll (STP) requirements to employers with 19 or less employees has finally passed both houses of Parliament. From 1 July 2019, STP reporting will become compulsory for all Australian employers.
Managing your debtors so you get paid on time is critical to your business’ survival. Paying suppliers and salaries, investing in infrastructure and growth – if you don’t have the cash, your business is in trouble.
So, wouldn’t it be wonderful if customers paid on time, every time?
Months of uncertainty for small businesses ended yesterday with the Senate passing the Bill to now extend compulsory Single Touch Payroll (STP) reporting to employers with 19 or less employees. Effective from 1 July 2019, it comes on the back of STP rolling out to larger employers from 1 July 2018.
If you’re in business, you already know that careful financial management is important. But do you really aspire to spending your time dealing with numbers and paperwork? That’s probably not why you went into business!
Single Touch Payroll (STP) changes the way employers report payroll information to the Australian Taxation Office (ATO), and it is mandatory from 1 July 2018 for employers with 20 or more employees.
So … you might be wondering: ‘What is Single Touch Payroll?’; ‘How do I get ready?’. And they are great questions!
You’ve heard it all before: change your passwords, make them difficult to guess … blah, blah, blah.
But it’s well past the time for us all to take data security seriously. Cyber criminals are targeting Tasmanians and their businesses of all types and sizes. If you’re not looking after your and your customers’ data you could well be the next victim.
The FBT exemption for small business employers providing work-related portable electronic devices to employees has been expanded in the 2017 FBT year (that is, from 1 April 2016).
Under the old rules, FBT exemption does not apply to multiple portable electronic devices provided to an employee in the same FBT year, where those multiple items have “substantially identical functions”. This “one device” limit still applies to employers that are not small businesses.
However, small business employers (that is businesses with an aggregated annual turnover of less than $2 million) can now access the exemption for more than one work-related portable electronic device, even where the devices do have “substantially identical functions” (such as the functions of a tablet and a laptop).
Last week Xero released an enhancement to their invoice reminders. The release allows you to bulk-select groups of invoices to switch reminders on or off from the main Invoicing list.
Since July this year, scams targeting both individual and business taxpayers have been running rife.
From fake Tax Office “delayed return” or “proof of identity” emails to telephone calls conveying similar requests, taxpayers have had to keep their guard up. So how can individuals and businesses protect themselves from online fraud and crime?