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 »
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 »
Single Touch Payroll (STP) became mandatory last week for all small businesses with 19 employees or less. Yet according to the Australian Tax Office (ATO) many businesses have yet to adopt the compulsory technology or inform the ATO that they need more time to make the switch. Chartered Accountants Australia and New Zealand (CA ANZ)… Read more »
Skipped today’s headlines? Never fear we’ve got the lowdown on the news small business owners need to know on Wednesday, September 18 2019. Culture a problem for Australian businesses Australia’s business leaders have no idea about company culture according to a new report by the Australian HR Institute (AHRI). The ‘5 Hard Truths About Workplace… Read more »
Want to know the news affecting small business owners? Check out our daily news briefs. Here’s what you need to know on Thursday, August 22, 2019. A ruling by the Federal Court could have ramifications for the nation’s business owners, following a dispute between Cadbury and its factory workers. Two of the chocolate brand’s employees… 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 »
Intuit Australia has announced it will include an STP-compliant solution for small and micro businesses as part of its Quickbooks offering. Small and micro businesses with up to four employees can access Quickbooks plus an STP compliant payroll solution from Keypay for as little as $15 a month. “Following extensive customer research with small businesses,… Read more »
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