logo
spacer
spacer

 eWombat Search 
>
spacer spacer spacer
Latest Accounting News
Hot Issues
ATO dispels top tax time myths to clients as clampdown rolls out
Tools for budgeting, cash flow, Super and more ….
Guidance for SMSFs on transfer balance reporting
ATO issues alert on super, tax scams
Salary sacrifice integrity
Understanding the evolution of blockchain and cryptocurrencies
Update to Australia's vital statistics
Tax Time Checklists- Individual, Company, Trust, Partnership and Super Funds
SMSFs - Our 'hardest' jobs
Tax Office reveals adventurous, dubious claims ahead of tax time
ATO reveals top tax time mistakes, set to contact 1 million taxpayers
Watch out for charges with incoming GST laws.
Super savings gap for women stuck at 30%
‘Wipe the slate clean’: Clients, accountants urged to use new amnesty period
Statistics for all Australians
Touch Payroll (STP)
‘Calm before the storm’: Government proposes 12-month SG amnesty
Government intensifies cash payments crackdown - Kelly O'Dwyer
Passive investment companies tax rate still 30%
Cryptocurrency audits tipped to increase this EOFY
Australia by numbers – Update
$2.4m lost to tax scams, ACCC reports
No GST on digital currency
Federal Budget 2018 - Overview
Your Budget
4 components of our 2018 Federal Budget
Resources to help understand and implement Single Touch Payroll (STP)
New rules capture SMSFs trading big with cryptocurrency
New passive income test for lower corporate tax rate
Articles archive
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 3 of 2017
Articles
How is your super going, ready for retirement?
Australia's leading causes of death - ABS
ATO increasing data exchange with international regulators
Illegal SMSF early access scheme leads to $6,000 fine
Our 'hardest' SMSF tasks
Uber drivers hit for 10% tax
Lack of literacy promotes unrealistic goals
Taxpayer failed to prove that payments were “loans”
New STP dates confirmed as ATO goes on compliance blitz
ATO flags compliance project for FY17/18
Items that heat up your depreciation deductions
Doing a budget is a good idea but ....
Government ‘undermines’ tax system in new moves on property expenses
Taxpayer denied deduction for work expenses of $60,000
Overtime meal expenses disallowed because no allowance received
Key Economic Indicators, 2017
Government to shut down salary sacrifice loophole
Crowdfunding legislation gets greenlight
ATO heavyweight responds to hacking fears
Checklist - Individuals Tax Returns - 2017
Checklist - Tax time 2017 - Company, Trust & Partnership
Checklist - Superannuation Funds - 2017
ATO to ramp up scrutiny of $20K tax break use
New STP dates confirmed as ATO goes on compliance blitz

The government has confirmed that the Single Touch Payroll will now roll over to small businesses with less than 20 employees, as it seeks to up its efforts to monitor employer payment obligations.



       


 


As part of a package that will give the government increased funding and penalty powers with instance of non-compliance – such as not meeting superannuation guarantee (SG) obligations - the introduction of STP will now apply to employers with less than 20 employees from 1 July 2019.


“Employers who deliberately do not pay their workers’ superannuation entitlements are robbing their workers of their wages. This is illegal and won’t be tolerated,” Minister for Revenue and Financial Services Kelly O’Dwyer said in a statement yesterday.


Employers with more than 20 employees will transition to STP from 1 July 2018.


Institute of Public Accountants chief executive Andrew Conway, who has been vocal on the subject, has criticised the lack of consultation with stakeholders in implementing such important structural reforms.


“We have long acknowledged the need for a more efficient payroll reporting system, however such a dramatic change needs appropriate consultation on the compliance cost and regulatory impact,” Mr Conway told Accountants Daily.


“For micro businesses this will pose significant compliance pressure.


“We need to see the detail of this impact and the outcomes of the Single Touch Payroll pilot program. We are particularly interested in the incentives the government will provide small business to transition to Single Touch Payroll.”


BDO tax partner Mark Molesworth also highlighted that the introduction of STP would add yet another layer of red tape to small business owners.


“Obviously, that’s a large increase in the amount of reporting that employers need to do for the tax office because at the moment employers only report that data once a year, at the conclusion of the year,” said Mr Molesworth.


“The increased regulation is designed to provide better assurance that parties within the tax system are meeting their obligations, however it is coming at the cost of requiring participants to make sure that their systems are up-to-date, so that they produce reports that can then be provided to the tax office on a periodic basis which don’t currently have to be provided.”


However, Ms O’Dwyer said the changes are necessary to give “Australians confidence that the superannuation system is working in their best interests”.


 


JOTHAM LIAN 
30 Aug 2017
accountantsdaily.com.au


 




9th-September-2017