The PAYG Instalment system is designed to help taxpayers manage their tax payments more effectively. While the ATO prefills default amounts based on the previous tax return, we know there are many situations where the amount needs to be varied, either upwards or downwards.
Once again, we are coming to the end of the financial year. How is the Year of the Dragon treating you so far? Tradition tells us it is often a year of promising opportunities, professional expansion, good luck and potency. We hope the year has been one of good fortune for you and your business.
In 2022, the ATO introduced a new trial system to link business owners and registered agents. The system has now been rolled out to most businesses and starts on 13 November 2023. Sole traders are exempt, but all other businesses must engage a registered agent via the new process.
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.