The STP exemption for small employers with closely held payees will cease on 30 June 2021. From 1 July 2021 small employers with closely held payees will need to report payroll information to the ATO (online) using the standard business reporting (SBR) format. A closely held payee is an individual directly related to the entity from which they receive payments. For example: family members of a family business. directors or shareholders of a company. beneficiaries of a trust.
The information may be reported in any of the following ways:
The type of information that is reported to the ATO includes wages, PAYG withholding and superannuation liability. Superannuation funds will also be reporting to the ATO so they can tell whether employees have been paid their super entitlements.
Employers will no longer be required to provide employees with a Payment Summary or lodge a Payment Summary Annual Report at year end where they report and finalise through STP.
Business’ using the major software suppliers (XERO, MYOB, QuickBooks) already have access to STP reporting capability, it just needs to be enabled within the software.
If you aren’t using the above software you just need to consider how to report your payroll information to the ATO. We recommend the Xero product for STP and costing is around $10 per month for up to 4 employees. MYOB and Quickbooks also have STP products.
If you do need assistance in setting up STP in any way, Jasmine Falls of our office will be able to give you a hand. Please give her a call at the office on 9387 5637.
Mark has helped us immensely to understand our financial position, these guys are not just tax agents, they fully understand all aspects of business.
Daniel and his team at Tactica Partners have been taking care of me, my family and my company's accounting needs and I highly recommend him and the team. They've made getting tax done so easy and Daniel is an amazing accountant and extremely thorough and helpful.
…very professional, well prepared and organised. They have given us great business and personal tax advice, offered us good business insights, and more general personal planning advice too.
They continually deliver on all aspects of their service offering. …..we appreciate the substantial assistance they have provided in managing our bookkeeping function and providing proactive tax and accounting advice. We value their ongoing input in helping us strive for continual improvement on our reporting processes and delivery of timely information to our US office.
At last! An accountant who has "not" had a totally successful charisma bypass operation! Sensible and knowledgeable advice. Excellent!
Mark H and Helen have given us wonderful support for our family and business accounting for several years now. When I got my first invoice I grumbled……. not now. We can see the savings and feel the security for ourselves.