Latest Accounting News

Quarter 2 of, 2017 archive

  • ‘Bank-like heists’ make way for new wave of cyber crime
  • ATO reports on key contraventions for 2016-17
  • ATO, mid-tiers warn on common expenses myths
  • SMSF trustees told to take action on contributions
  • Higher instant asset write-off threshold for small business extended
  • Australian population figures
  • New data points to spiralling retirement costs
  • Personal insolvency numbers spike across Australia
  • ATO cracking down on taxable fringe benefits
  • Intangible capital improvements made to a pre-CGT asset
  • The three core pillars of this year's budget
  • Federal Budget - 2017-18 - Overview
  • Does your business import or export goods and services?
  • Federal Budget - 2017-18 - Budget documents
  • When does an asset cost less than $20,000? Depreciating assets: composite items
  • ATO finalises guidance for capped defined income streams
  • Warning on trap with trust deed updates
  • 2011 Census - what was the make up of your area?
  • It’s no secret that Australians have some of the largest houses in the world.
  • Resources on our site to help you and your family.
  • ATO defends approach to SG compliance
  • Essential steps for SMSF clients before 30 June
  • New tax incentives for early stage investors
  • FBT Reminder – Odometer Reading
  • ATO on 'aggressive' debt recovery hunt
  • More ATO downtime looms ahead of tax time
  • Tax debt release applications refused
  • Troublesome tax system overhaul picks up speed
  • Government to ‘put to bed’ uncertainties with TRIS
  • Travel expense and transport of bulky tools claim denied
  • New law sheds light on global tax issues
  • Report tips housing price spikes to wipe out super savings
  • ATO clears up FAQs about Single Touch Payroll

    Ahead of the 1 July deadline for small business to be compliant with the new Single Touch Payroll (STP) regime, the ATO and professionals alike have cleared up some common points of confusion about associated AUSkey and myGov requirements.

         

     

    The ATO’s project lead for STP, John Shepherd, joined a panel of professionals to discuss the practical implications of STP earlier this week. You can access the webcast here.

    AUSkey requirements

    A common point of confusion for small business is whether an AUSkey is required as part of STP regime.

    Mr Shepherd clarified that whether a business will need its own AUSkey will depend on the type of software they use.

    “Some products don’t require the employer to get their own AUSkey,” he explained.

    The ATO’s website states the following around the use of an AUSkey for STP:

    “Your software can connect directly to the ATO using a device AUSkey (more common for larger employers).

    “Alternatively, your software may connect to the ATO using a software service ID (SSID) which is usually displayed by your software during the STP setup.

    “You or your registered agent will need to provide the ATO with your SSID. To do this phone 1300 852 232, or complete a one-off notification through Access Manager (you need an AUSkey to use Access Manager).

    “We will not be able to receive your STP report without the correct SSID.

    “Another option is your software may connect to the ATO through a sending service provider (SSP). If this is how your software connects to the ATO, you do not need to contact the ATO to set up a connection. Your SSP will do this for you.”

    myGov accounts

    Small business owners will not need to open a myGov account to be STP compliant.

    “myGov is a whole-of-government access to services, through one sign-in. What that allows you to do is to see that superannuation information that had been reported, as well as your STP information that’s been reported, so each inpidual can see that through there,” Mr Shepherd explained.

    “But it won’t be mandated.”

    He did, however, recommend that anyone who does not have such an account set one up, because of the availability of customised information through the portal.

    “It is the way, if you want to get access to your income statement, that you will get that at the end of the year rather than from your employer anymore.

    “We suggest it’s a good thing to do, because it gives you access to better services, better information about your inpidual circumstances ... and you also get access to all your super accounts and you can roll them over.”

    Mr Shepherd also recommended that employers notify their staff ahead of the transition to STP that personal income summaries will no longer be issued, and that this information will be made available to them through their own myGov account.

    New milestone

    Mr Shepherd also revealed the ATO has hit a new milestone with STP, with over 100,000 employers now reporting through the new system.

    He also talked through the ATO’s future plans with this and similar technology, which you can access here.

     

     

    Adam Zuchetti 
    16 May 2019
    accountantsdaily.com.au

     

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