Australian small businesses, corporates and the majority of individuals are required to report taxable earnings and deductible expenses to the ATO. Preparation of lodge tax returns can often feel like a monumental task, cause stress and take more time than expected. Yet the availability of cloud software specifically designed for this purpose has made the process more streamlined than ever.
Single Touch Payroll (STP) which was rolled out on 1 July 2018 revolutionised payroll reporting, making it easier for employers to report their employees’ payroll information to the Australian Taxation Office (ATO). ATO STP is essentially Digital Payroll Reporting and was introduced in multiple phases, with Phase 1 and Phase 2 being significant milestones. In this blog, we will explore the differences between STP Phase 1 and STP Phase 2 for Australian employers, helping you stay compliant and efficient in managing your payroll responsibilities.
The end of the financial year is here already! It seems that so little time has passed since we welcomed in 2023. As we approach EOFY, we invite you to reflect on the last year. So much has happened in the previous year that we are still catching up with – more clients are expecting remote and fast turnaround services, cashflow planning continues to rise, the growing importance of sustainability reporting and the explosion of artificial intelligence tools such as ChatGPT.
We are pleased to announce the release of our new digital authenticator (DAv2). If
you’re already using digital authentication for your letters, documents and ATO
forms, you’ll love the updates to this essential practice management tool.
It’s that time of the year when we recollect our blessings and thank those that have been of help and
support during the year. So we’d like to take this opportunity to extend our personal thanks to all
our friends and allies.
We wish you a very Merry Christmas and a Happy New Year! We always consider you as our friend
and would like to extend our best wishes for a prosperous New Year with more love and laughter to
you and your family.