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Latest News
Hot Issues
ATO dispels top tax time myths to clients as clampdown rolls out
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Touch Payroll (STP)
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New rules capture SMSFs trading big with cryptocurrency
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Tools to help you manage your financial position are available on our site.
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Quarter 2 of 2018
Articles
Touch Payroll (STP)
‘Calm before the storm’: Government proposes 12-month SG amnesty
Government intensifies cash payments crackdown - Kelly O'Dwyer
Passive investment companies tax rate still 30%
Cryptocurrency audits tipped to increase this EOFY
Australia by numbers – Update
$2.4m lost to tax scams, ACCC reports
No GST on digital currency
Federal Budget 2018 - Overview
Your Budget
4 components of our 2018 Federal Budget
Resources to help understand and implement Single Touch Payroll (STP)
New rules capture SMSFs trading big with cryptocurrency
New passive income test for lower corporate tax rate
Tools to help you manage your financial position are available on our site.
‘A simple mistake can attract our attention’: ATO reminder about FBT slips-ups
Australia by numbers – Update
Beware residency rules if moving overseas
Meaningful tax reform in high demand
Working holidaymakers and tax returns
Single Touch Payroll – 1 April 2018 Action
Property investors on notice after ATO spots false claims
ATO issues update on cryptocurrency compliance traps
Australia's vital statistics
Accountants spy elder abuse spike as mortgage stress sets in
Tax office releases fresh guidance on SMSFs
Labor's tax plans could favour the rich, analysis shows
FBT Reminder – Odometer Reading
Touch Payroll (STP)

Extensive STP resources can be found in a related article in last month's edition below.



       


 


There are some minor benefits to an employer, from reporting to the Australian Taxation Office (ATO) employee details with every pay.


An employer that has met its STP reporting obligations for an income year will not need to comply with the following obligations:-


  • Notification of withholding amounts
     
  • Annual payment summaries
     
  • Payment summaries for payments for termination of employment
     
  • Annual reports to the Commissioner
     
  • Part-year payment summaries

The ATO will be able to make the information currently recorded on an annual payment summary progressively available throughout the income year to employees on ATO Online.


The ATO will use the information collected through STP reporting to pre-fill employees’ income tax returns.


 


 


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27th-June-2018
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