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Single Touch Payroll - Compulsory from 1 July 2020

8 May 2020

Single Touch Payroll (STP) will be compulsory for all employees from 1 July 2020, excluding closely held employees.

STP is the process of sending tax and superannuation information from your STP-enabled payroll or accounting system to the ATO when you process the pay cycle.

If you only pay closely held employees, an extension has been granted to 1 July 2021 for you to report.

Closely held employees are:

  • Family members of a family business
  • Directors or shareholders of a company
  • Beneficiaries of a trust.

Micro-employers (1-4 employees) are now able to have their registered tax agent lodge on their behalf until 30 June 2021.

Boyce strongly recommends having a suitable STP-enabled accounting or payroll system as soon as possible.

Reporting information for the JobKeeper payment is extremely easy from your software and is seen as the most efficient way of reporting this to ensure the payments are received as soon as possible.

If you would like to discuss Single Touch Payroll or STP-enabled software, please contact your local Boyce Accountant so we can assist you.

JobKeeper Software Updates

29 April 2020

Payroll & Accounting Software Setup

With registrations for the JobKeeper payment having opened on 20 April 2020, payroll and accounting software companies have released guidance on how you should process these payments.

Below are the links to the instructions on how to setup and process for each system.

Xero (see more below)

MYOB AccountRight Live

MYOB Essentials

Keypay (Phoenix & Quickbooks Online)

E-PayDay

The software companies are regularly updating these pages as more information becomes available.

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Be Cyber Safe: Coronavirus Phishing And Malware On The Rise

25 March 2020

As social distancing calls on more people to self-isolate and work from home, cybersecurity is being put at risk due to online scammers. As such, we urge you to be on the lookout for convincing COVID-19 themed scams currently doing the rounds.

Scamwatch issued a warning on Wednesday, revealing scammers are “falsely selling coronavirus-related products online, and using fake emails, phone calls or text messages to try and obtain personal data”. One such scam even appears to be sent from “GOV” and shares a link that claims to help people find out where they can get tested for coronavirus. The link and sender are fake and by clicking on it, malware is then installed that is designed to steal your banking details.

Common types of coronavirus scams

  • Phishing emails and phone calls impersonating entities. These include the World Health Organisation, government authorities, people confirmed to have the coronavirus, and legitimate businesses such as travel agents and telecommunications companies
  • People receiving misinformation about the coronavirus, being sent by text, social media and email
  • Products claiming to be a vaccine or cure for the coronavirus
  • Investment scams claiming coronavirus has created opportunities.

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ATO texts to update bank details

1 November 2018

From 5 to 23 November 2018, the ATO will be sending SMS text messages to individuals and businesses entitled to a refund who have provided incorrect bank account details in their tax return. You will receive a text directly from the ATO if a refund bounce occurs.

Many people are understandably wary about text messages and emails requesting bank details, considering the number of hoaxes and scams that abound these days.

It is important to be aware that ATO texts during this period are not a hoax and updating your bank details will ensure you receive your refund. BUT be warned, scammers are likely to impersonate the same SMS so you will need to carefully check the text for legitimacy.

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Single Touch Payroll - What is it and how does it affect me?

Single Touch Payroll - What is it and how does it affect me?

19 December 2017

The Australian Government has committed to enforcing Single Touch Payroll (STP) reporting, employers with 20 or more employees being required to be reporting from 1 July 2018 and all businesses required to be compliant by 1 July 2019.

At 1 April 2018 employers are required to have a headcount, and if at that date they are paying wages to 20 or more employees then they will need to ensure that their payroll software supports Single Touch Payroll reporting which will commence on 1 July 2018.

 

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