As the start of a new financial year, SOFY, looms, now is the time to set your business up for success. And that starts with planning, writes Kerry Agiasotis, APAC President of The Access Group. To help you understand what you can do now that will pay dividends later, the experts at The Access Group… Read more »
Phase two of the Australian government’s Single Touch Payroll kicked off in January 2022, further reducing the reporting burden for employers who need to report information about their employees to multiple government agencies. Ben Thompson, CEO of people-management platform Employment Hero explains what it means for your business. Reducing paperwork for employers while making it… Read more »
In 50 days, Single Touch Payroll Phase Two will come into effect and require small businesses to collate additional information to meet new government reporting standards. Awareness of the new regulation among small business owners is currently low. This raises issues for potential non-compliance and penalties, so it’s crucial you become acquainted with what’s required… Read more »
There are a lot of changes in the wind that small businesses need to know about in 2020. Susan Franks, Senior Tax Advocate at Chartered Accountants Australia and New Zealand (CA ANZ) has pulled together some key changes that you need to know about to stay on the right side of the tax man. Franks… Read more »
The ATO is urging small business employers who’ve not yet made the switch to Single Touch Payroll (STP) to get in touch if they need help to transition. Small employers with 19 employees or fewer are now required to start reporting through STP but ATO Assistant Commissioner Jason Lucchese said there was still time for… Read more »
If you’re like most small business owners, you’re probably focused on closing out the 2018-19 financial year. But it’s worth taking a moment to consider the year ahead too. There are new regulations to be aware of in 2019-20 – and some of them take effect immediately. Most of the rules apply to employers, but… Read more »
While the end of the financial year is an opportune time to review your financial position, when it comes to cash flow management, many small business owners need to be paying more frequent attention. Research recently released by Intuit Australia revealed that Australian small businesses are losing an estimated $5.8 billion1 due to inefficient cash… Read more »
New research by Xero has revealed that one in five small businesses wrongly believe that mandatory Single Touch Payroll (STP) reporting does not apply to them, potentially putting their business at risk of non-compliance.
In the lead-up to Single Touch Payroll (STP) on 1 July, we’ve been busy working to help small businesses get prepared – raising business impact awareness around this new Australian Tax Office initiative. Given that STP requires businesses to use digital accounting and payroll software, a big part of this is about understanding how online… Read more »
Tradies may be feeling apprehensive about how the introduction of Single Touch Payroll (STP) will affect their usual payroll management and reporting, but with big change comes big opportunities. Let’s begin with the big picture. STP is all about increased visibility and automated information sharing. Real-time data is sent to the Australian Tax Office (ATO)… Read more »
Research by Reckon has revealed small business owners are feeling the stress of compliance as the July 1 deadline for compulsory single touch payroll reporting approaches. Half of the business owners canvassed for Reckon’s ‘In the Zone’ study confirmed they are already sacrificing health and wellbeing in order to stay on top of the admin… Read more »
Small business owners who have adopted single touch payroll (STP) are already reporting significant time savings in their business administration according to new research. The study, commissioned by Intuit, canvassed over 500 small business owners across Australia to discover how STP was impacting their business. The research found 69 per cent of small businesses that are… Read more »
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