Single Touch Payroll is coming for small businesses
Single Touch Payroll is coming for small businesses If you have any employees, (including yourself), or You are self-employed as a PAYG earner, Then you need to be ready for the changes from 1 July 2019. Big changes are coming to the way your small business reports its employee tax and super obligations to the ATO. The easiest option is using payroll or accounting software which offers Single Touch Payroll (STP). The software means Employers send their employees’ tax and super information to the ATO each time they run their payroll and pay their employees. The new system was launched last year for employers with 20 or more employees, but following legislation passed on 12 February 2019, it has now been agreed that STP will apply to all smaller employers (those with less than 20 employees) from 1 July 2019. No matter how few staff you employ (even one or two), the STP rules will still impact you, even if you don’t currently use a payroll software package. To help small employers, the ATO is preparing a number of measures to ease the burden for small employers still preparing payrolls manually, including asking software developers to build low-cost STP […] read more
Self-managed super funds urged to be careful with property investments
Alert to Self-managed super funds who invest in property without fully understanding their obligations under the law. read more
How superannuation reforms affect individuals and business
The Australian Government is making a series of improvements to super to help protect and grow the savings of all Australians. The first changes applied from 1 July 2012. Individuals To make the most of the improvements, there are a few small things you can do now that can mean big things for your lifestyle in retirement. So take a few small steps to get your super organised. Specifically, as a result of the changes: keeping track of your super will be easier your employer will provide more information about super on your payslip you will have more super for your future Businesses The changes to super mean there will be changes to your super and reporting obligations that you need to start preparing for. If you’re self-employed or have employees, you will need to make changes to the way you pay and report the super contributions you make. In the future, you will have to: provide super information on employees’ payslips progressively increase your super guarantee rate to 12% in annual steps make super guarantee payments for eligible employees 70 years old or older follow the data and e-commerce standard when making super contributions on behalf of your employees […] read more
Keep track of your super contributions
Be aware of how much you can contribute to super can save you money, as there are caps on how much you can contribute before you have to pay extra tax. read more
Key superannuation rates and threshold
These are the key rates and thresholds that apply in relation to contributions and benefits, employment termination payments, superannuation guarantee and co-contributions. read more
Superannuation and unclaimed super
Explains when super may become unclaimed and how you can find it. read more
Superannuation tips for young people
Super is a way of helping you save for your retirement. By saving small amounts of money from now, you can make sure you have enough to live on when you are older. read more
Key superannuation rates and thresholds
These are the key rates and thresholds that apply in relation to contributions and benefits, employment termination payments, superannuation guarantee and co-contributions read more
Super for same-sex couples and their children
Information for super funds on the law changes for same-sex couple and their children. read more
Choice of super fund – meeting your obligations
Your employees can choose which super fund their superannuation contributions are paid into. read more
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