Administrating superannuation must now be done through a clearing house, a big step towards the ATO's goal of compulsory Single Touch Payroll (STP). STP will give the ATO direct access to your payroll data as soon as each payroll is processed, with the option that they debit your bank account instantly to collect the PAYGW and super. What will this mean for your business?
While STP is still over 12 months away for businesses with more than 20 employees, that time will go quickly, then it will come the turn of employers with fewer than 20 staff. If you have one staff member and have managed them without expensive payroll software, this won't be possible in the future.
Being a registered BAS Agent means I must be a member of a professional body and I must continue my professional development with 15 hours of training every year. I am an active member of the Institute of Certified Bookkeepers (ICB), a relevant and progressive organisation who work with the ATO on the development of relevant policy, including STP.
This means I'm always aware of what the ATO are planning, and what might be just over the horizon coming your way to affect your business.