Payday Super – Legislation introduced for concessional cap transitional rule
New Payday Super legislation addresses concessional contributions cap issues for 2026/27, but salary sacrifice and early payments remain key concerns.
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Is your payroll system fully compliant for Single Touch Payroll (STP) Phase 2?
STP Phase 2 came into effect 1 January 2022, with employers required to commence mandatory reporting from this date. Reporting to the Australian Taxation Office (ATO) now includes, the disaggregation of gross salary, allowance and leave types, as well as classification of employees by employment conditions.
Many Digital Service Providers (DSPs) or payroll systems have requested blanket extension requests for STP Phase 2 compliance on behalf of their payroll clients, and you may be covered by this extension.
However, many of these extensions will be coming to an end shortly and it will be up to you to ensure you are STP Phase 2 compliant. This is on the ATO’s radar and a big focus as we approach the extension deadline.
With STP Phase 2, a substantial amount of data will be provided across the ATO each pay cycle which is then used for data sharing purposes across a multitude of different government departments. It is imperative that these items are set up correctly the first time to avoid any future issues down the track.
Learn more in our webinar, where we outline what STP Phase 2 means for employers as they begin reporting. Additionally, we outline our recent experiences with assisting STP Phase 2 implementation and areas to look out for to ensure a seamless transition
Partner
Manager - Specialist Tax
New Payday Super legislation addresses concessional contributions cap issues for 2026/27, but salary sacrifice and early payments remain key concerns.
The Government has introduced legislation for a minimum 30% tax on discretionary trusts from 1 July 2028. While some stakeholder feedback has been adopted, significant concerns remain around flexibility, complexity and the impact on private groups and SMEs.
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