- Lodge & pay May 2019 BAS
- Super Guarantee contributions must be paid by this date to qualify for a tax deduction for the 2018/2019 financial tax year
- Payers must issue PAYG Payment Summaries to employees
- Final date for lodgement and payment of April —- June BAS
- Final date for lodgement of PAYG Withholding Summaries Annual Report
The Key Measuresof STP
Single Touch Payroll or STP started gradually for larger employers from 1 July 2018 and will start from 1 July 2019 for smaller employees with 19 or less employees.
STP is a new wayof reporting tax and super to the ATO. There are provisions to delay starting under certain criteria and concessions for micro employers with 1-4 employees.
Using payroll software or approved other STP solutions, employers will send to the ATO their employees wage and salary data, PAYG withholding and super information
each time your employees are paid.
- Your pay period does not change
- Super is reported each pay period
- Employers no longer have to do a Payment Summary(Old term group certificate) for information reported and finalised thru STP as this will be available to employees on myGov
- All STP information will need to be finalised at the end of the financial year so the ATO can provide this information to your employees to complete their tax returns
The Benefits of STP
- STP saves time & lets business owners focus more on running their business
- STP aligns government reporting to the changing digital world in line with other major online businesses such as banking etc
- Less paperwork but any information not reported thru STP must still be provided on a payment summary.
- Employees can now see their information in real time on myGov
- No more payment summary annual reports (PSAR)
Choose a payroll or accounting software that offers STP reporting or ask your accountant or BAS agent to report on your behalf.
Talk to your tax professional about STP compliant products and software and what exemptions are available to certain employers.
We are happy to discuss and help you for any query on STP
If you have any queries regarding the above matters please do not hesitate calling myself, Andre Christian, Accredited Superfund Auditor or either of my partners:
- Jennifer Chen: Tax Partner or
- Richard Wakefield: Financial Planning Partner
- On (02) 9829 3111 Fora free consultation