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Welcome back everyone. In the sixth and final part of my blog series, I want to discuss something that affects all of our financial journeys: Superannuation. Perhaps you’re concerned about your retirement savings? Or maybe uncertain about how to make the most .....
Business - 3 min read
Single Touch Payroll (STP), is a streamlined reporting system for employers. This change brings about significant budget savings for employers. It’s designed to streamline reporting obligations to the ATO such as employer’s salary, superannuation information and pay as you go (PAYG) withholding.
STP initially applies to employers with 20 or more employees. (Note: the “employer” can be a member of a wholly-owned group, and the group has 20 or more employees in total) as at 1 April 2018.
There are some criteria around the “20 employee” headcount which includes:
Exclusions to the headcount:
Once your business uses the STP system, you will be considered a “substantial employer” and you must continue to report under this system, regardless of whether your business no longer has 20 or more employees (unless the Commissioner grants it an exemption).
The STP commences from 1 July 2018, however, you need to start thinking about from 1 April 2018 as you must have an accurate head count as at 1 April 2018.
The benefits the STP offer include:
Single Touch Payroll (STP) provides an incentive to review your current internal payroll processes and software and consider a more compliant reporting system. With everything in business, improved efficiency through a digital payroll process can only be a positive for your business.
If your business has 20 or more employees from 1 April 2018, you might need to get in touch with your Altus Adviser. This gives you approximately 3 months to organise your payroll system and procedures in order to report under STP to the ATO from 1 July 2018.
Set your business on the right path with this simple guide.
Make sure you’re on the right track with this online checklist.
Business - 9 min read
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Altus Wealth Pty Limited ABN 55 649 956 212 is an Authorised Representative of Altus Financial Services Pty Ltd ABN 24 637 026 825 an Australian Financial Services Licensee (AFSL no. 520266). Altus Financial Services Pty Ltd is not responsible for the advice, products and services provided by Altus Accounting. Julie Azzi is a credit representative (CR No. 366834) of BLSSA Pty Ltd ABN 69 117 651 760 (Australian Credit Licence 391237).
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