June 2019 Newsletter

Please click on the following link to view our monthly accounting/tax newsletter for June 2019:

June – 2019

We would like to highlight the following articles in this month’s newsletter:-

Payment summaries and STP – As a result of the introduction of STP, employers will no longer be required to issue a payment summary to their employees. The employer will send tax and super information to the ATO each time they pay their employee. Your employees tax agent will then be able to access this information via the ATO portal. If your employee does not have a tax agent they will be able to access their payroll data via their myGov account. From 1 July 2019 all employers have to be STP compliant.

STP exemptions and deferrals – ATO reminders – With the reported unpreparedness for Single Touch Payroll (STP), mainly among small businesses, the ATO has reminded businesses about the STP exemptions and deferrals that are available. There are exemptions for reporting through STP for a particular financial year, for certain payments, or for certain employees. It is important that your payroll software is ready from 1 July 2019. Please contact us immediately if you are not prepared for STP.

Cryptocurrency: record keeping requirements and data matching program – The Commissioner has published a gazette notice setting out the record keeping requirements for cryptocurrency owners and traders. The ATO advises that it is undertaking a data matching program for 2014-15 to 2019-20 for such entities. Data will be matched against ATO records to identify individuals who may not be meeting their registration, reporting, lodgment and/or payment obligations.

Please do not hesitate to contact us if you have any queries in relation to your tax and accounting matters.