Single Touch Payroll from 1 July

Single touch payroll extended to all employers

From 1 July 2019, single touch payroll – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – will apply to all employers. 

roger tsengWhat employers need to report will also be extended to include certain salary sacrificed amounts. 

Employers with 20 or more employees have been required to use single touch payroll since 1 July 2018. The new rules push all businesses with employees into the single touch payroll system. This includes the situation where payments are made to the owners of the business in the form of salary, wages or directors fees.

The ATO has asked software providers to provide new low-cost payroll options for micro employers (1-4 employees). MYOB and Xero have announced new $10 per month offerings (limited to 4 employees) with other software houses following suit.

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STP for under 20 employees

Under 20 employees? What you need to do.

1 July 2019 is not that far away. If your business does not already use STP compliant software, you may need to upgrade your systems or implement new ones.

payroll wagesSTP requires PAYG withholding and superannuation contribution details to be reported to the ATO as payments are made to employees or superannuation funds.

When it comes to PAYG withholding, employers will report details of salary and wages paid to employees as well as the PAYG withholding amount at the time the payment is made to the employee. Employers have the option of paying the PAYG withholding liability at the same time, although this is not compulsory.

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Northern Rivers Lending Specialist David Seymour

Insights from Northern Rivers Lending Specialist, David Seymour

Northern Rivers Lending Specialist, David Seymour, led an illustrious career with AGC Finance and Westpac, was headhunted by a mortgage fund and then BankWest before setting up shop on his own as a specialist home loan and commercial lender in 2015.

David Seymour (left)During his time in corporate banking David was rated #1 Commercial Manager in NSW, involved in some exciting pilot projects around business development success roadmapping, mentoring and customer management initiatives which live on today.

Originally from Tamworth, David has called the Northern Rivers home since 1980. In all his roles he has enjoyed the challenge of starting small and building a success.

"I'm a people person and I value the importance of relationships," says David. "They help us achieve our goals and aspirations and I get to meet some really good people in the process." 

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Legislation in limbo

A budget, an election and the legislation that hasn't made it through

The February 2019 Parliamentary sitting days were the last opportunity before the Federal Budget for the Government to introduce or push through new legislation. 

tightropeNext month, on 2 April, Parliament reconvenes for the Federal Budget and it's likely that an election will be called very soon after that (18 May 2019 is the last possible date for the election of the House of Representatives). Any legislation that has not passed when the election is called basically goes back to the drawing board and may never be enacted.

With the focus of politicians firmly on the impending election and the asylum seeker debate, and the Government now in an untenable position following the loss of its majority in the lower house, tidying up outstanding business legislation was not the priority in February, and as a result, several key pieces of legislation are in limbo.  Read more…

Planning your estate planning

What would happen if…

Life does not always go to plan. Whilst we logically know that, most of us don't plan for the worst – it's all a bit morbid and time-consuming. 

generationThe downside of not planning is the potential for hard-earned assets to be squandered, family fall-outs, and money handed to the Government that could have been distributed in accord with your wishes. If you are a business owner, then the stakes are even higher.

As a population, planning is more important than ever because: 

  • The ageing demographic – 1 in 7 of us are now aged 65 and over (3.8 M)
  • The baby boomer generation represents only 25% of the population but hold 55% of the wealth
  • We are entering a period of intergenerational wealth transfer from the baby boomer generation
  • Over the last 25 years there has been an explosion of wealth in Australia

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