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Touch Payroll (STP)

Extensive STP resources can be found in a related article in last month's edition below.

     

 

There are some minor benefits to an employer, from reporting to the Australian Taxation Office (ATO) employee details with every pay.

An employer that has met its STP reporting obligations for an income year will not need to comply with the following obligations:-

  • Notification of withholding amounts
     
  • Annual payment summaries
     
  • Payment summaries for payments for termination of employment
     
  • Annual reports to the Commissioner
     
  • Part-year payment summaries

The ATO will be able to make the information currently recorded on an annual payment summary progressively available throughout the income year to employees on ATO Online.

The ATO will use the information collected through STP reporting to pre-fill employees’ income tax returns.

 

 

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Tax Specialists

We specialize in providing proactive tax planning strategies for our clients. High earning individuals and business clients can benefit by speaking to one of our tax advisors.

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.

Superannuation Planning

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.

Investment Properties

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