In an indication of the far-reaching changes that Single Touch Payroll ('STP') will be bringing, Treasury has recently finished consulting on draft legislation that expands the data that may be collected through STP by the ATO (as announced in the 2019/20 Budget).
The legislation, if enacted, will broaden the amounts that employers can voluntarily report under the STP rules, to include employer withholding of child support deductions from salary or wages and child support garnishee amounts from salary or wages that are paid to the Child Support Registrar.
Amendments will also be made to ensure that if employers choose to report under STP to the Commissioner of Taxation, they do not also have to report the amounts to the Child Support Registrar.
STP And Employer Clients
The ATO has advised that over 580,000 small employers have made the transition to STP reporting, and they are encouraging tax practitioners to help any clients who have yet to engage with STP reporting make the transition now.
They will also send reminders to small employers who are not yet reporting through STP.
So if you receive any such correspondence and/or simply want to discuss this with us, please call Taxwise on 08 9248 8124.
DO YOU NEED HELP WITH STP?
CALL (08) 9248 8124 NOW OR SIMPLY FILL IN THE FORM BELOW