Welcome to our October Monthly Newsletter!
Single Touch Payroll registration became mandatory on 1 July 2019, however if you were considered a “small employer” which is defined as having less than 20 employees, you had a concession date of 30 September 2019 to start reporting. If you missed these deadlines then you can apply for a deferral with the ATO but must have good reason, e.g. transitioning to appropriate software, no access to internet, etc. From our experience, the STP process is super easy and takes only a matter of minutes to become connected (if you are already using appropriate software). Lodging STP pay events are also an extremely simple process so do not be alarmed if you haven’t jumped on the band wagon yet – it’s easier than you might think! If you are unsure where to even start with this process then we suggest contacting your software provider. If you are not using appropriate software or would prefer that we manage your payroll then please contact us to discuss your options.
Monthly tax tip:
Is your business registered for GST? It may not be required to just yet (you must register once you reach $75,000 in gross revenue) but registering for this can have some great benefits! GST is a consumer tax and shouldn’t actually be paid by business’ however you will be paying for it if you are not registered for GST. When you register, you can claim the GST that was paid on expenses relating to your business. Many business owners will actually avoid registering for GST because they are worried that they will have this new tax to pay – this is a common mistake. When you are registered, you actually collect GST from your customers so it is added to your sale price – not taken from it. For example, if you are going to invoice a customer for $100 you would then add the 10% of GST which is $10, making the total $110. You would then keep the $100 that you earned and pay the $10 to the ATO. So you don’t actually have to pay any new taxes and you are refunded directly for GST that you paid on business expenses! If you are interested in this and would like more information or assistance in registration then please contact us.
If you would like to schedule a consultation with us then please jump onto our website where you can see our availabilities and book a time that suits you.