Monthly Archives: March 2018

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Single Touch Payroll. All Australian employers

On the 1st April 2018 will you have 20 employees on the Australian payroll?

If the answer is Yes. You will have new ATO payroll reporting obligations using payroll software which is Single Touch Payroll STP enabled from 1 July 2018.

If you employ up to 19 people on the 1st April 2018 compulsory reporting obligations will apply from 1July 2019
Employers need to prepare for this change in reporting obligations. The action date is either 1 July 2018 or 1 July 2019

  • the ATO has considerable information available at www.ato.gov.au/stp. As a start review the ATO checklist available on the above link
  • those with payroll software will receive information from their software provider. Information from many of these providers in currently being released
  • Employers not using payroll software will need to source a product that suits their business needs

SCAM Alert ATO

Verify or report a scam explains how to spot and report a scam. If you are in doubt about contact from someone claiming to be from the ATO, you can phone the ATO on 1800 008 540, 8.00am–6.00pm Monday to Friday to check.
Keep informed on new Scam alerts by subscribing to general email updates. Subscribers will receive updates on all new general content on the ATO website, including the latest scam alerts.

Latest alerts:

  • March 2018 Phone scam – voicemail
  • February 2018 Email scam – tax refund form
  • February 2018 Email scam – tax refund notification
  • January 2018 Phone scam – fake debts
  • January 2018 Email scam – tax form
  • December 2017 Phone scam – fake debts
  • September 2017 Email scam – refund
  • August 2017 Scam – tax return form
  • July 2017 Email scam – tax repayment
  • March 2017 Email Scam – online activity statement

Tips for keeping good records as a small business.

Do you find business record-keeping complicated? The ATO provides a range of introductory resources to develop good record-keeping practices and keep correct and complete tax records.

ATO tips to keeping good records:

  1. obtain valid tax invoices for all purchases that include GST
  2. keep accurate records of all sales and purchases
  3. store a copy of all records electronically, including a system backup in case of damage to hard copies
  4. keep records that contain enough information to calculate and support the amounts claimed on their BAS
  5. retain all tax invoices and other GST records for five years.

 

Keep good records, it will assist reducing time spent fixing common reporting errors. You can then spend more time running a more effective business (and/or providing some time away from the business). Keeping and maintaining good records will also help facilitate faster processing of assessments and potential refunds.

 

Have a look at the ATO’s record-keeping evaluation tool to evaluate how well your business records are being kept.

Other useful ATO links :