Business Links Australia Pty. Ltd. is a CPA Practice
CPA Australia Logo
Liability limited by a scheme approved under Professional Standards Legislation
Hot Issues
spacer
ATO clears up FAQs about Single Touch Payroll
spacer
GST reporting: common errors and how to correct them
spacer
LRBAs, guarantees in need of review after property market falls
spacer
Victorian Property Valuation Cycle
spacer
Australia - toward EOFY 2019
spacer
Australian Taxation Office (ATO) expects 200,000 to miss out on refunds by failing to lodge
spacer
Biggest personal tax cuts in a decade a priority for Government
spacer
Government rules out GST changes following ATO report
spacer
ATO issues warning after ‘unprecedented’ spike in impersonation scams
spacer
Crypto transactions in ATO sights with new data-matching program
spacer
Government to establish $2 billion fund for small business lending
spacer
Small business corporate tax rates Bill is now law
spacer
ATO to double rental deduction audits to 4,500
spacer
ATO set to issue excess super contribution determinations
spacer
How's Australia going as we approach the election?
spacer
Single Touch Payroll (STP) is compulsory for all small businesses.
spacer
Federal Budget 2019 - Overview
spacer
How the 2019 Federal Budget affects you
spacer
FBT Reminder – Odometer Reading
spacer
‘Big awareness push’ underway as STP deadline approaches
spacer
GST collection on overseas goods at 300% of forecasts
spacer
The problem with getting to 53 years of age.
spacer
Lost Beneficiaries
spacer
New quarterly STP reporting method for closely held payees revealed
spacer
Some Australian figures to help on Budget night.
spacer
Employers hit with rolling SG audits as ATO toughens stance
spacer
Resources to help understand and implement Single Touch Payroll (STP)
spacer
Big fines, prison on the cards as new SG penalties introduced
spacer
Extra website resources and tools is one way we offer you and your family more.
Article archive
spacer
Quarter 1 January - March 2019
spacer
Quarter 4 October - December 2018
spacer
Quarter 3 July - September 2018
spacer
Quarter 2 April - June 2018
spacer
Quarter 1 January - March 2018
spacer
Quarter 4 October - December 2017
spacer
Quarter 3 July - September 2017
spacer
Quarter 2 April - June 2017
spacer
Quarter 1 January - March 2017
spacer
Quarter 4 October - December 2016
spacer
Quarter 3 July - September 2016
spacer
Quarter 2 April - June 2016
spacer
Quarter 1 January - March 2016
spacer
Quarter 4 October - December 2015
spacer
Quarter 3 July - September 2015
spacer
Quarter 2 April - June 2015
spacer
Quarter 1 January - March 2015
spacer
Quarter 4 October - December 2014
Quarter 2 of, 2017 archive
spacer
‘Bank-like heists’ make way for new wave of cyber crime
spacer
ATO reports on key contraventions for 2016-17
spacer
ATO, mid-tiers warn on common expenses myths
spacer
SMSF trustees told to take action on contributions
spacer
Higher instant asset write-off threshold for small business extended
spacer
Australian population figures
spacer
New data points to spiralling retirement costs
spacer
Personal insolvency numbers spike across Australia
spacer
ATO cracking down on taxable fringe benefits
spacer
Intangible capital improvements made to a pre-CGT asset
spacer
The three core pillars of this year's budget
spacer
Federal Budget - 2017-18 - Overview
spacer
Does your business import or export goods and services?
spacer
Federal Budget - 2017-18 - Budget documents
spacer
When does an asset cost less than $20,000? Depreciating assets: composite items
spacer
ATO finalises guidance for capped defined income streams
spacer
Warning on trap with trust deed updates
spacer
2011 Census - what was the make up of your area?
spacer
It’s no secret that Australians have some of the largest houses in the world.
spacer
Resources on our site to help you and your family.
spacer
ATO defends approach to SG compliance
spacer
Essential steps for SMSF clients before 30 June
spacer
New tax incentives for early stage investors
spacer
FBT Reminder – Odometer Reading
spacer
ATO on 'aggressive' debt recovery hunt
spacer
More ATO downtime looms ahead of tax time
spacer
Tax debt release applications refused
spacer
Troublesome tax system overhaul picks up speed
spacer
Government to ‘put to bed’ uncertainties with TRIS
spacer
Travel expense and transport of bulky tools claim denied
spacer
New law sheds light on global tax issues
spacer
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