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Federal Budget 2019 - Overview
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FBT Reminder – Odometer Reading
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Lost Beneficiaries
New quarterly STP reporting method for closely held payees revealed
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Australia - facts & figures March 2019
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Instant asset write-off threshold upped to $25k
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Correcting GST Errors
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‘Big awareness push’ underway as STP deadline approaches

Hundreds of thousands of businesses have been prompted by the ATO to get started with their Single Touch Payroll provisions, and its project lead at the tax office believes the business community is better prepared than it was for last year’s deadline.



       


 


Through email and national advertising campaigns, the ATO is drilling in the 1 July deadline for STP, which applies to businesses with 19 or fewer employees.


Assistant commissioner at the ATO John Shepherd thinks accountants, bookkeepers and their small business clients are better prepared for this deadline than they were for the first one in 2018, which applied to businesses with 20 or more employees.


“The knowledge levels have come up… bookkeepers are helping with that message and that preparation,” Mr Shepherd told Accountants Daily at the Accounting Business Expo on Wednesday.


Many software providers weren’t ready for last year’s deadline, which had a knock-on impact on the business community.


“Last year, a lot of the products were only just ready. This time, a lot more are ready, and they are ready with options for smaller employers,” Mr Shepherd said.


However, at this stage, there are more STP products in development and slated for release than there are products that are ready for implementation.


At the beginning of April, information for and access to deferrals for STP will be published on the ATO’s website. There are quarterly reporting options for micro-businesses as part of the transitional arrangements.


 


Katarina Taurian
21 March 2019
accountantsdaily.com.au




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