If you ask 100 business owners what they like least about running a business, chances are good that bookkeeping will rank high on the list. It's an annoying and frustrating chore that takes up a lot of time and is easy to put off until tomorrow. Avoiding your bookkeeping is dangerous. Not knowing your [...]
Its nearing end of financial year. There are always checks to be done by your bookkeeper to make sure you are claiming enough tax deductions. The ATO recently changed the deadline for the "closely held employees" to connect for Single Touch Payroll. Its not required by 1st July 2021. Closely held employees is someone who [...]
One of my clients had a very old accounting system and that just won't work with single touch payroll even if you have family employees that are called "closely held" by the ATO. Why not have a system where you can see from a Dashboard of money coming in and money going out? It makes sense so [...]
With the new Single Touch Payroll system in, the ATO is now receiving data from the Superfunds and will match it to the payroll records. Penalties have ramped up as well as the ATO audits for unpaid Super. Employers not doing the right thing can expect a visit from the ATO.
Are you ready for Single Touch Payroll? Single Touch Payroll (STP) is compliant from 1st July 2019. Since 1st July 2018, employers with 20 or more employees have reported to the ATO through their payroll software. On 12th February, 2019, it was passed to extend STP for those with 19 or less employees from 1st [...]