32% of medium and large businesses are failing to meet their Single Touch Payroll reporting obligations and may be subject to ATO penalties from 1 July 2019.
Your EOY reporting is about to become a lot easier. Under Single Touch Payroll you are no longer obligated to issue payment summaries or submit a payment summary annual report.
77,399 employers have commenced Single Touch Payroll reporting. 61% of these businesses employ 20 or more staff. The remaining 39% have 19 or less employees.
Legislation to extend Single Touch Payroll to employers with 19 or less employees was passed by parliament today. The reforms come into effect from 1 July 2019 and will impact about 780,000 smaller employers.
The Australian Taxation Office is writing to 300,000 employers this month to tell them to “Start Single Touch Payroll (STP) reporting now”.
Inland Revenue has kicked off a major payday filing advertising campaign to tell New Zealanders how the biggest changes to the tax system in a generation will affect almost every business and household.
The Australian Taxation Office will write to smaller employers in November encouraging them to start Single Touch Payroll reporting. If their payroll software offers STP they can update and start reporting now.
All New Zealand employers should have received a letter from Inland Revenue reminding them that payday filing is coming and a ‘how to’ video on getting started with your shift to payday filing.
While many talented young staff may prefer advisory over compliance, too much time is spent promoting apps to small business clients, when medium and large businesses account for two thirds of revenue.