Don't Believe what you Read on Social Media
What you read on social media can be misleading and frustrating information.Â
Benjamin Franklin is attributed to the quote “… nothing can be said to be certain, except death and taxes”. I’d add to that, changes in tax laws.Â
It seems like every year; there’s another change in taxes that impact business owners. Big changes took place with the introduction of the GST and Superannuation Guarantee.
THEN THERE ARE THE SMALLER CHANGES THAT CREEP UP ON US, OFTEN WITHOUT MUCH FANFARE.
The recent implementation of Single Touch Payroll (STP) is one of those changes that has crept up stealthily upon us. Businesses employing 20 or more staff had to comply with this legislation on 1 July 2018.Â
From 1 July 2019, employers with 5 – 19 employees are required to report under the Single Touch Payroll system. There is a transitional period to 30 September 2019 by which time you have to be reporting.
For employers with 1 – 4 employees, there are a few options. One option is having your BAS or Tax a...
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