This month we have some simple tips to get the cash flowing in your business, and an update regarding Single Touch Payroll. Vaughn shares his thoughts on Artifical Intelligence and how it might impact our personal lives, and we ask you to think about where your superannuation death benefits will go when you pass away (it’s probably not your favourite topic, but it might be simpler to deal with than you think).
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.
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.
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!