As the end of the year approaches, we are very close to putting this into production but to avoid the risk of fines for being late we have applied to the ATO for a deferment for a few months. I have been advised that even large software houses like Xero have deferred until next December. We will let people know when the testing is completed with the ATO guidelines.
The main changes relate to the level of detail that the ATO will be requiring.
STP Phase 2 will come into affect for all Australian Businesses on the 1st of July 2021. InterAcct are set to meet this deadline and have the changes rolled out to all of our clients well before this date. If you have any questions please contact the Support Department.
InterAcct Software has the new tax tables based on the changes in legislation.
Changes to personal income tax thresholds announced by the Government during the Federal Budget have been incorporated into the withholding schedules and tax tables and will apply to payments made on and from 13 October 2020.
As the changes to withholding are made part way through the income year, employers and other payers who are unable to immediately implement these changes into their payroll will have until 16 November 2020 to do so.
Employees and other payees will receive their entitlement to the reduced tax payable for the entire 2020–21 income year when they lodge their income tax return.
Many clients have asked us about the JobKeeper system. With InterAcct Software STP running the ATO has all of the information to quickly lodge for JobKeeper through their online portal. Within a few minutes its all lodged and just waiting for the ATO to process the payment.
Contact us if you need more information.
We have received confirmation from the ATO that there will not be new tax tables this year from the changes in the federal budget for the Low and Middle Income tax Offsets but rather that this amount will only be through their Income Tax Returns.
With the ATO releasing the new NAT 1004 and NAT 3539 documents for 2019/2020 on their website last Friday, InterAcct have updated the Tax tables for the coming financial year.
Contact Support if you need assistance installing the new tables.
Well it looks like the House of Representatives have finally passed the legalisation for the Single Touch Payroll to be a requirement for all Australian Businesses. Good news that InterAcct have this feature as part of its standard Payroll module. It was a free update to any existing Users and will be able to run for all sizes to businesses. If you would like more Information give us a call.
Well we have successfully moved 100% of existing payroll users that required it across to Single Touch Payroll ahead of the roll over this weekend. As well as the new tax tables. Congratulations to our team for all of their hard work.
It’s taken just over a month to get everything ready for the Product Verification Testing for STP, but today we have managed to upload our first data set to the ATO for testing. A few formatting changes but we got there in the end. Now we just need to wait until the ATO confirms the data and all of our clients can go into production.
Just to update clients and prospective clients alike, InterAcct Software have passed the ATO security requirements for Single Touch Payroll and will be white listed as a Single Touch Payroll Provider. This required a self Assessment of ISO 27001 which was a couple hundred pages of text to send to the ATO all completed with the help of Matt at Compliance Council