On 4 September the ATO announced the way you access their online services is changing.AUSkey will retire in March 2020 as it hasn’t kept up with modern technology. If you're a sole trader accessing the Business Portal using your myGov details you will also be impacted.
Single Touch Payroll is here and small employers (those with 19 or less employees) have until 30 September 2019 to start reporting.If you missed our previous blog, please click here for everything you need to know about Single Touch Payroll.
When the Queensland Labour Government handed down the 2019-20 State Budget they announced that they were focused on jobs growth and improving employment rates. As part of their plan they have introduced three key payroll tax incentives targeted at small and medium businesses.
Non-compliant payments to Workers no longer tax deductibleFrom 1 July 2019, a business will only be able to claim a tax deduction for payments to workers (employees or contractors) where the business has complied with the pay as you go (PAYG) withholding and reporting obligations for that payment.
Director Penalty Notices (DPN’s) for GST (similar to those for PAYG and Super Guarantee (SGC) are set to come in from 1 October 2019.The new legislation is aimed at reducing phoenixing activity and gives the ATO substantial powers to make Directors personally liable for unpaid GST. If an entity fails to lodge a GST return the ATO can collect GST based on their own estimates.
With Single Touch Payroll now in full swing you may have been advised by your employer to setup a myGov account and link it to the ATO in order to obtain your Income Statement for 2019 (formerly known as PAYG Payment Summary).
To be eligible to claim a tax deduction for employee Superannuation Guarantee Contributions (SGC) for this financial year, your employee’s superannuation fund must have received and processed any payments made by you on or before 30 June 2019.
Single Touch Payroll (STP) starts from 1 July 2019 for all employers with 19 or less employees. Employers with 20 or more employees needed to start reporting from 1 July 2018, unless covered by a deferral.