Tax deductibility and PAYG Withholding & Reporting- Do NOT get caught on this!

Tax / By

From 1 July 2019, if PAYG withholding rules require a business to withhold and report an amount from a payment to employees and contractors, and they fail to do so, they cannot claim a tax deduction on the payments. Those payments are: Salary, wages, commissions, bonuses or allowances to employee Directors’ fees To a religious …

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Single Touch Payroll (STP) – How much do you know about it?

Accounting / By

Single Touch Payroll (STP) currently provides a reporting framework for larger employers with 20 or more employees to deliver payroll and superannuation information to the ATO since 1 July 2018. This means an employer paying fortnight wages will report gross wages, tax withheld and superannuation contributions to the ATO every fortnight when the employee is …

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