TAX ALERT - SINGLE TOUCH PAYROLL REPORTING STARTS 1ST JULY 2018
Lowe Lippmann Chartered Accountants
What is STP ? Single Touch Payroll (STP) is a new reporting regime being introduced by the Australian Taxation Office (ATO) to provide real time visibility over the accuracy and timeliness of organisations' payroll processes. STP will enable employers to report salary or wages, pay as you go (PAYG) withholding and super information directly to the ATO at the same time they pay their employees.
When does STP start ? The new STP reporting regime will commence on 1st July 2018. Organisations with 20 or more employees will be required to start transmitting from 1st July 2018.
Year-end tax checklists for Individuals and Businesses We have recently prepared two Year End Checklists which help explain some common strategies that may be considered for Individual and Businesses taxpayers. Year End Checklist for Individuals – click here Year End Checklist for Businesses – click here
Many business clients like to review their tax position before the end of the income year and evaluate any strategies that may be available to legitimately reduce their tax. Traditionally, year-end tax planning for profitable small businesses is based around accelerating deductions and deferring income. The Year End Checklist in the link below explains some common strategies that may be considered for all business taxpayers.
A strategy often used to reduce taxable income (and, in turn, tax payable) in an income year is to bring forward any expected or planned deductible expenditure from a later income year. However, any individuals with potentially reduced income for the 2025 tax season may want to instead consider deferring any deductible expenditure (if possible).
