Remember to lodge your payment summary annual report (group certificates)
As the EOFY nears, employers have a responsibility to:
Give payment summaries to your employees by July 14th
Send the ATO your payment summary annual report
Find out which tax tables are being updated for the 2020 Financial Year here
* If you have started reporting through Single Touch Payroll and plan to finalise your full year reporting through STP, you are not required to issue payment summaries and a payment summary annual report.
Budget change to payroll tax
Please see below the budget change to payroll tax:
Exemption for wages paid to employees on maternity leave expanded to all types of parental leave.
Wage threshold increases to $700,000 by 2022-23, with increases of $25,000 in both 2021-22 and 2022-23.
Regional payroll tax rate to be progressively reduced to 1.2125 per cent from the 2020-21 to 2022-23 financial years. Definition of regional employer amended by removing the business location test.
*If you're unsure how this applies to you, please contact our office on 9773 3647
Single Touch Payroll
*You can find more information about STP in our previous blog posts A & B STP is a change to the way you report your employees' tax and super information to the ATO, and is done each time you pay your employees. STP starts from July 1st for employers with 19 or less employees. You can start reporting any time from July 1st to September 30th 2019. You can apply for a later start date if you need more time to get ready. Please call our office if you're having any trouble, we can apply for an extension on your behalf. As your registered tax professionals, we can also report for you through STP. Employers with 20 or more employees needed to start reporting through STP from July 1st 2018, unless covered by a deferral. References: Australian Taxation Office [https://www.ato.gov.au/business/Single-Touch-Payroll/?=redirected]
If you need any help or are concerned about how this will affect you, please contact our office on 9773 3647.
MIRANDA ACCOUNTING SERVICES 8/263 – 271 Wells Road, Chelsea Heights Vic 3196 PO Box 476, Patterson Lakes VIC 3197 Tel 03 9773 3647 www.mirandas.com.au