Getting ready for the end of financial year
The Australian Tax Office has provided the following articles to help you get ready for the end of financial year.
Single Touch Payroll (STP) reporting has been expanded
The expansion of STP (also known as STP Phase 2) will reduce the reporting burden for employers who need to report information about their employees to multiple government agencies. Webinar recordings discussing the changes in detail as well as industry professionals providing practical examples and suggestions to help prepare, are available here.
To learn more or find other resources to help you understand the changes and prepare for STP reporting, visit the Single Touch Payroll site.
Debts on hold
From June 2022, the ATO will recommence offsetting any tax refunds or credits to pay off debts previously on hold. Some businesses may find that their tax refund is less than expected. A debt on hold is one that the ATO have not taken action to collect and is not visible on your account but can be re-raised if your circumstances change.
Businesses facing difficulty meeting their obligations are encouraged to contact the ATO or their registered tax professional to discuss help and assistance available.
Protect your business from phoenix operators
When businesses are deliberately liquidated, wound up or abandoned to avoid paying their debts, it can leave employees, sub-contractors and suppliers devastated. Look out for the warning signs that a business you’re working with could be engaging in illegal phoenix activity:
- being asked to pay a different company to the one you received a quote from
- company details on invoices or contracts changing partway through work
- changes to the company directors and name, but the manager and staff remain the same.
For more information on what to look out for and how to protect your business, visit the ATO website.
Webinars to help you perform better
There are many online services and digital systems that can help you perform your business activities such as marketing, sales, accounting and reporting.
The ATO is offering two webinars to help you brush up on your skills:
- Digital options for your business: Join this 60-minute session to find out the benefits of digital systems and that systems are available for each area of your business operations.
- Connecting online with the ATO - Businesses: In this 60-minute session you will learn how to register, lodge and pay online for goods and services tax (GST), pay as you go withholding, pay as you go instalments, and more using online services for business.