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Jul 1

Need help with STP Finalisation? No more payment summaries

24 June 2020

STP changes the way you finalise your reporting

Reporting through Single Touch Payroll (STP) requires changes to your end-of-financial-year (EOFY) processes.

You’ll no longer need to provide payment summaries to your employees or lodge a payment summary annual report for information you’ve already reported and finalised through STP.

Advise your employees you won’t be giving them a payment summary because they will now get their new income statement in their ATO online account via myGov or through their tax professional.

Encourage your employees to check their personal details with you and in ATO online before tax time. Out-of-date or incorrect details may prevent their information from appearing in their ATO online account.

You must make a finalisation declaration for each employee after your last payment for the financial year. For the 2019–20 financial year the finalisation declaration deadline is:

  • 31 July if you employ 19 or fewer employees
  • 14 July for businesses with 20 or more employees.

The sooner you finalise, the sooner the income statement will display as ‘tax ready’ in your employees’ ATO online accounts and be ready to use in their tax returns.

If you have what we call ‘closely held (related) payees’, you may have a later due date for those payees.

Employee or Contractor?
Mar 18

Contractor or Employee?

https://www.ato.gov.au/Newsroom/smallbusiness/Employers/Hiring-a-contractor-/

There’s no one deciding factor that makes a worker an employee or contractor for tax and super purposes. As an employer, it’s a decision you can only make accurately when you review the whole working arrangement.

The only way to get to the right answer is to ask the right questions. Answer these six questions before you hire a worker:

  1. Ability to subcontract/delegate: can they pay someone else to do the work?
  2. Basis of payment: are they paid based on an agreed quote they provided?
  3. Equipment, tools and other assets: do they provide their own tools and equipment needed to get the job done?
  4. Commercial risks: are they legally responsible for their work and liable for fixing mistakes or defects?
  5. Control over the work: do they decide how the work gets done subject to specific terms in the contract or agreement?
  6. Independence: do they operate their own business independently of your business?

If the answer is no to some or all of these questions, you need to seek further information and advice before treating your worker as a contractor.

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Pay Calculator
Feb 3

Brookvale Bookkeeper

We offer bookkeeping and BAS agent services to local businesses in Brookvale using cloud based Xero accounting software and Receipt Bank. So, if you need a new bookkeeper for your small or medium sized business, give us a call or visit our website for more information. We are currently taking on new clients in the Brookvale area for regular or one off catch up bookkeeping so get in now to secure your place.