Legislation which could result in employers who don’t pay Superannuation Guarantee being sent to jail may pass Parliament today – the last sitting day for 2018. Update: The House of Representatives has adjourned, seemingly without voting on the amendments – so the Bill has not yet passed. The Treasury Laws… Read More »Jail for employers not paying super guarantee may pass Parliament today
What is Single Touch Payroll (STP)?
Single Touch Payroll (STP) is a Government initiative for employee Superannuation Guarantee and PAYG Withholding amounts to be automatically reported to the ATO during the payroll process.
Large employers (20 or more employees) had to use Single Touch Payroll from 1 July 2018.
Small employers (19 or fewer employees) may have to use it from 1 July 2019, depending on the passage of legislation.
The Administrative Appeals Tribunal has upheld a decision by ASIC to ban a financial adviser from providing financial services for three years, relating to SMSF advice. ASIC banned Jason Sean Atkins from providing financial services for three years in 2017. ASIC said it had found Mr Atkins had advised clients… Read More »3 year financial services ban for SMSF LRBA advice upheld by AAT
The ATO has streamlined the requirements for registered agents lodging Single Touch Payroll forms on behalf of employers. Previously registered agents – including tax agents – needed to get a declaration that the information in the Single Touch Payroll lodgment was ‘true and correct’ and they were authorised to lodged… Read More »ATO streamlines Single Touch Payroll reporting for agents
Single Touch Payroll will be an early warning system for the ATO, allowing it to know far earlier than is currently possible that employer superannuation contributions haven’t been paid. Senior ATO officials told the ASFA Policy Roadshow that Single Touch Payroll will “give us visibility of an employer’s SG obligation;… Read More »Single Touch Payroll will be an “early warning” system for the ATO
The ATO says Single Touch Payroll is “off to a positive start”, with “thousands” of employers using the new reporting tool in the first month. ATO Assistant Commissioner John Shepherd said the move to real-time reporting will improve the fairness of the tax and super systems, both for employers and… Read More »Single Touch Payroll off to “positive start”, says ATO
Employers have not been given enough time to prepare for Single Touch Payroll, and the start dates should be pushed back at least one year, says the Tax Institute. Single Touch Payroll is a new system for employers to report salary & wages, PAYG withholding and superannuation information. Large employers… Read More »Single Touch Payroll start dates should be pushed back: Tax Institute
The ATO says it’s time for employers to get ready for Single Touch Payroll, urging employers with 20 or more employees to “act now”. The ATO calls Single Touch Payroll (STP) “the next step in streamlining payroll reporting”. From 1 July 2018 employers with 20+ employees will need to report… Read More »ATO tells employers it’s time to get ready for Single Touch Payroll
The Government has released draft legislation aimed at cracking down on Superannuation Guarantee underpayment. A draft of the Treasury Laws Amendment (Taxation and Superannuation Guarantee Integrity Measures) Bill 2018 has been released for consultation. If the draft Bill is passed the ATO would have the power to disclose information to… Read More »Draft Bill targeting Superannuation Guarantee underpayment released
Small businesses won’t be receiving $100 towards payroll software as part of Single Touch Payroll, the Government has announced. In late 2015 Minster Kelly O’Dwyer announced that small businesses would receive a tax offset to help pay for the cost of Standard Business Reporting software, which is required for Single… Read More »Small businesses won’t get $100 for Single Touch Payroll software
The Government has been called on to release a cost benefit analysis to support its announcement that small businesses will have to use Single Touch Payroll. The Government announced this week that small businesses (with 19 or fewer employees) would have to use Single Touch Payroll from 1 July 2019,… Read More »Government should justify small business Single Touch Payroll cost