If you have been reporting Single Touch Payroll (STP) to the ATO this financial year, you will need to make a finalisation declaration. There is no need to issue payment summaries to employees you have reported through STP. Large employers (with more than 20 employees) must complete the finalisation declaration by 14 July. Small employers (with 19 or fewer employees) have until 31 July to complete the finalisation. You may have some closely held payees who have not been reported through STP, so you still need to issue a payment summary for anyone not reported through STP. You will also need to submit a payment summary annual report (PSAR) for any payments outside the STP system. If you are u
Lockdown has been (and remains) a tough time for business. Having to shut your business at short notice, or switch to an entirely digital, remote-working model, was a stressful experience. But there are things we have taken out of lockdown. Whether it enabled us to explore new ideas or dive into some fresh thinking regarding work, life or a business venture. So, what lessons did we all learn from this enforced period of business shutdown, quarantine and remote working? Carrying over the positives from lockdown. Suddenly, your office space lay empty, your employees were spread across various home locations and (crucially) your customer sales and revenue evaporated in the blink of an eye. The
The ATO are announcing a 'working from home shortcut' measure for people to claim running expenses, now they are working from home due to Covid-19 restrictions. The new measure will allow people to claim a set rate of 80 cents per hour working at home. This provides a more straightforward system for people, without the need to calculate specific running expenses or to have a dedicated ‘work from home area’. The measure will apply to work after March 1. Claims for expenses incurred prior to March 1 will still follow the normal existing rules. People who already work from home can continue to use existing deduction arrangements. For the period of March 1 to June 30, there are three ways to cal
