Extention of End of year reporting.

The ATO has extended the normal cut off for end of year reporting of Payroll info until the 31st of July for this year. 

Single Touch Payroll (STP) changes how you report your employees’ end of financial year (EOFY) information to your employees and the ATO.

 

 

What you need to know

 

 

You no longer need to provide your employees with a payment summary for payments reported through STP. You will have until 31 July to ‘finalise’ your employees’ EOFY payroll information through your STP enabled software for the 2018-19 financial year. You can finalise this information as soon as it is ready after 30 June.
 
You are no longer required to lodge a payment summary annual report for the amounts reported through STP as long as you complete the finalisation declaration by the finalisation date.
 
 

 

 

What you need to do

 

 

You need to tell your employees:

you will not be providing them with a payment summary

their payment summary information will be called an income statement and is available in ATO online in myGov

they will need to log into their myGov account, select ATO online services, select Employment and then Income statements to access this information

if they use a registered agent to lodge their income tax return, their agent will be able to access their income statement information directly from the ATO

if they don’t have access or cannot create a myGov account and don’t use a registered agent they can call us on 13 28 61 and we’ll provide this information to them.

 
If your employees need help creating or logging in to their myGov account and linking to  ATO’s online services, ato.gov.au/onlineservices

 

TPAR – Reporting Subbies

Starting this year the TPAR report for Subbies has expanded from just the construction Industry. The ATO have the following additional industries now requiring to report how much they are paying each subcontractor and or Consultant. 

 

You may need to lodge a Taxable payments annual report (TPAR) by 28 August each year if you are a:

InterAcct Software has this report available with filters to include whichever industries you happen to be in. 

Partial Year STP

We have had a number of clients ask questions about reporting part of a year via Single Touch Payroll. If employees were paid earlier in the last financial year before you started Single Touch Payroll but left before you started STP then the ATO prefer that you report via STP their year to date totals.

 

Hi Simon

 

Please find response below:

As long as you have finalised through STP then you don’t need to report through an Empdup file.

The employees who were not paid after STP was implemented can be reported and finalised through a STP update event. This is the preferred option.

If you cannot report those employee’s through STP then you can provide the employees with a payment summary and report through an Empdup file.

 

To avoid the potential for duplicates it is recommended not to include any employees who have been finalised through STP in an Empdup file.

Digital Service Providers

Low and Middle Income Tax Offset

On 5 July 2019, the Treasury Laws Amendment (Tax Relief So Working Australians Keep More Of Their Money) Act 2019 received Royal Assent.

 

This Act makes changes to lower taxes and builds on the Personal Income Tax Plan as announced as part of the 2019-20 Federal Budget.

We are waiting for the details to come in from the ATO as to the affect of this on the coming years Tax tables and returns. 

New Tax Tables

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. 

How easy to use is the software

How easy is the InterAcct Software Application? Why will it take me multiple days to learn the software? Is there any help in this process? Well the answer is Yes there is help with videos, manuals, and on screen help text. But there is alot to take in. We have just uploaded a video looking at Training Videos, Manuals, On screen help text and changing the flow of key screens in the software.

We get asked all of the time “why will I need 3-5 days to get an InterAcct system installed, is it not easy to learn?”. Yes, each process covered is normally described as easy but there are loads of processes that you might like to use, so we cover them all. There multiple options and in some cases even change the processes to better suit your needs.

This is a new Video from our Vimeo channel. It covers how easy is InterAcct to use and what help is available.

Variations to Contract

There is a new Video on the website that looks at producing a Variation to Contract on a Project/Job setup with sub jobs of Phases.

The video is less than 4 minutes long but covers most of the common questions in the process.

This Video looks at Variations to contract

A System that kept running.

Not sure if its our oldest current client but was pleasantly surprised to get a call from a client that is still running his system from us that was originally purchased in 4th of June 1987, almost 32 years ago. “A system that has just kept running” and he wanted a few updates.

We are glad that we are still here to be able to service him and his system and that its meet his business needs for all of these years.