THE POWER OF BEING UNDERSTOOD AUDIT | TAX | CONSULTING SINGLE - - PowerPoint PPT Presentation

▶

Jan 13, 2024 465 likes •612 views

THE POWER OF BEING UNDERSTOOD AUDIT | TAX | CONSULTING SINGLE TOUCH PAYROLL GUIDE FOR BUSINESS OWNERS WA Shearing Industry Association Inc. AGM 23 rd June 2018 Your Presenter Trent Frost CA Senior Manager | Business Advisory RSM Australia

SLIDE 1

THE POWER OF BEING UNDERSTOOD

AUDIT | TAX | CONSULTING

SLIDE 2

SINGLE TOUCH PAYROLL GUIDE FOR BUSINESS OWNERS

WA Shearing Industry Association Inc. AGM 23rd June 2018

SLIDE 3

Your Presenter

Trent Frost CA Senior Manager | Business Advisory RSM Australia Pty Ltd 210 Fitzgerald Street Northam WA 6401 PO Box 417 Northam WA 6401 DL: +61 (0) 8 9261 9125 | M: +61 (0) 459 345 375 | F: +61 (0) 8 9622 3577 E: trent.frost@rsm.com.au | W: www.rsm.com.au

SLIDE 4

Single Touch Payroll

Employers with 20 or more employees will need to change the way they report to the ATO from 1 July 2018. Single Touch Payroll (“STP”) is a new reporting system the ATO has introduced. STP involves the reporting of payroll payments, PAYG and superannuation directly to the ATO for every pay run that is made.

SLIDE 5

What Do Employers Need to Do?

IF YOU HAVE LESS THAN 20 EMPLOYEES AT 1 APRIL 2018 Employers do not need to take any action at this stage. Must be compliant with STP from 1 July 2019 IF YOU HAVE 20 OR MORE EMPLOYEES AT 1 APRIL 2018 Employers will need to ensure their accounting and payroll software is STP compatible. Must be STP compliant from 1 July 2018.

SLIDE 6

How Do I Know If My Software Is STP Compatible?

Your payroll software should enable you to meet the ATO compliance requirements. The software providers are currently working together with the ATO to implement these changes. Desktop files will need to be updated to a Cloud provider. Does it need to be connected to the internet? Yes

SLIDE 7

How Do I Do My Headcount on 1 April 2018?

SLIDE 8

Who To Include In Headcount

SLIDE 9

What Payments Do I Need To Report?

SLIDE 10

How To Be Prepared

Have Employees Complete Necessary Forms

Tax File Number Declaration Form - Mandatory Superannuation Choices Form – Mandatory

Have a STP-Ready Payroll System

Check with your software provider or accountant/bookkeeper Have Access to Online Banking Start Using STP to Report and Pay Employees Wages and Superannuation Start today and be ready

SLIDE 11

QUESTIONS AND ANSWERS? .

SLIDE 12