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Accounting News

Single Touch Payroll – 1 April 2018 Action

Single touch payroll will be a compulsory reporting requirement for employers.

 
 
It means employers will report payments such as salaries and wages, pay as you go withholding (PAYGW) and super information from their payroll solutions at the same time they pay their employees, directly to the Australian Taxation Office (ATO).
 
For employers with 20 or more employees, Single Touch Payroll reporting starts from 1 July 2018.
 
While the system starts 1 July 2018, the obligation is triggered on 1 April 2018.
 
The 20 or more Headcount is done on April Fools Day!
 
The following employees need to be included within the Headcount:
 
  • Full-time employees
  • Part-time employees
  • Casual employees who are on your payroll on 1 April 2018 and worked any time during March
  • Employees based overseas
  • Any employee absent or on leave (paid or unpaid)
  • Seasonal employees engaged regularly.
 
When performing the headcount, the following are not included:
 
  • Any employees who ceased work before 1 April
  • Casual employees who did not work in March
  • Independent contractors
  • Staff provided by a third-part labour hire organisation
  • Company directors
  • Office holders
  • Religious practitioners
 
 
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Bookkeeping

Good, fundamental book keeping will ensure that your accounts are up to date and give you proper control of your business. With over 85% of business failure attributed to poor financial control, skilled and professional bookkeeping will give you results that speak for themselves.

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Taking the time to plan for your future makes good financial sense. Ensure you have the money to live the lifestyle you'd like during your retirement.

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Preparation of negative gearing tax schedules for all investment properties. Including Depreciation Calculations and Special Building Write offs.