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Single Touch Payroll Phase 2 (STP Phase 2) will become mandatory for all businesses from 1 January 2022, bringing a host of changes that will fundamentally change the visibility of the information reported to the Australian Tax Office.
Recently passed by Parliament is the Treasury Laws Amendment (More Flexible Superannuation) Bill 2020.
Single Touch Payroll (STP) has been mandatory for all Australian employers since 1 July 2019. After two years of embedding, the ATO has confirmed that Phase 2 of STP reporting will commence on 1 January 2022.
In our podcast, Alex Bell, partner and National Head of Forensics at Grant Thornton, unpacks the complexities behind payroll and awards, the unexpected ramifications of getting it wrong, and what companies can do to protect themselves.
A favourite instrument for start-ups and companies about to list – Employee Share Schemes are used far more widely than most people think.
As the end of financial year approaches, companies with Employee Share Schemes (ESS) are required to report to the ATO and provide employees with a statement if a “taxing point” has occurred during the tax year.
The Government today announced significant changes to Australian Tax residency rules aimed at providing certainty and simplification for businesses and their employees as Australian borders begin to start re-opening to the world.
The proposed changes to both the tax treatment and regulatory framework of employee share schemes (‘ESS’) in Australia should be welcomed by employers and employees with tax–deferred ESS Plans.
With recent economic changes and COVID-19-related measures, the ATO has recently revised a couple of its rulings.
The ATO recently issued a set of three publications outlining the tax deductibility and fringe benefits tax (FBT) consequences of transport, accommodation and travel-related food and drink expenditure.
The ATO issued a media release on 1 March 2021 stating more than 60,000 businesses have yet to comply with lodgement requirements under the Taxable Payments reporting system (TPRS) for the 2019/2020 tax year.
For clubs, mandatory shutdowns due to COVID-19 have been particularly devastating and JobKeeper has been a welcome lifeline to help keep employees on the books.