This means that if you have employees on wages, or pay wages or directors fees, you must have an "STP enabled solution" in place before the end of the financial year. You have three options in order to comply with reporting to the ATO by this date: a) Report payments in real time (each time you run a payroll). b) Report actual payments quarterly. c) Report a ‘reasonable’ estimate quarterly. This is a major change for those used to finalising wages, directors fees etc at the end of the financial year or for those who have used paper based systems of payroll. This STP can not be lodged via the ATO portal or website, it must be done via a STP enabled program. Please note that this applies to small family businesses who pay themselves drawings reported at tax time as Directors Fees. Please contact us if you are not already STP enabled, or if you think this could apply to you. Our office can apply for an exemption from this STP system if you have less than 19 employees who are related. Please contact us if you would like us to apply for the exemption on your behalf. Please note action must be taken before July 1 if you pay wages or directors fees to employees.
As always, we are here to support you.
Please contact us if you have any queries.
Vanessa & the team at Mirandas.