News

Single Touch Payroll - Are you ready?

Tuesday, April 10, 2018

Single Touch Payroll The ATO has now introduced Single Touch Payroll from 1 July 2018, if you have a headcount of 20 or more employees, you must use Single Touch Payroll-enabled software to report your employees tax and super information to the Australian Taxation Office. If your headcount is 19 or less you will not need to implement single touch payroll until 1 July 2019. This short video provides an overview of Single Touch Payroll. https://www.ato.gov.au/Business/Single-Touch-Payroll/
You'll need to report the following on or before every payroll pay day:
	employee payments such as salaries and wages pay as you go (PAYG) withholding super information.

To find out when you need to report through Single Touch Payroll, you'll need to do a headcount of the number of employees you have on 1 April 2018. Please see the following guidelines from the ATO in regards to how to accurately perform a headcount https://www.ato.gov.au/Business/Single-Touch-Payroll/Get-ready-for-Single-Touch-Payroll/

What's changing?
	You may not need to provide payment summaries to your employees at the end of financial year when you report through Single Touch Payroll. Your employees will be able to see their year-to-date tax and super information through myGov. In the future, Single Touch Payroll information will be used to prefill your activity statement.
What you need to do
	Talk to your payroll software provider to find out when your Single Touch Payroll-enabled software will be ready. If you are using Xero, Quickbooks Online or MYOB we have been assured that their software already is or will be compliant by 1st July 2018. Ask us at Rogerson Kenny Business Accountants or your external payroll service provider how to get ready. Review your current payroll processes to ensure compliance. We are here to help you review your payroll process to make sure it meets the single touch payroll requirements. Start developing an implementation plan.

Tuesday, April 10, 2018 -

Warning from ASIC - large-scale email scam.

Wednesday, March 08, 2017

One of the largest scale email scams reported by MailGuard was distributed to thousands of Australian inboxes. Claiming to be from the Australian Securities and Investment Commission (ASIC), the email included a downloadable file-encryption script that delivered a malicious software designed to block access to a computer system until a sum of money is paid. Read More

Wednesday, March 08, 2017 -

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Make Fringe Benefit Tax work for you

The Fringe Benefit Tax (FBT) laws have changed a lot over the last few years and as an employer it can be hard to keep up. At Rogerson Kenny Business Accountants our dedicated team of accountants stand ready to show you how to work the Fringe Benefit Tax in a way that's beneficial to and your employees.

Fringe Benefit Tax in Australia applies to various categories and each one has specific requirements attached. The most common categories are:

Car fringe benefits

Loan fringe benefits

Debt waiver fringe benefits

Expense payment fringe benefits

Housing fringe benefits

Board (meal) fringe benefits

Airline transport fringe benefits

Living-away-from-home allowance fringe benefits

Entertainment provided by a tax-exempt organisation

Meal entertainment fringe benefits

Car parking fringe benefits

Property fringe benefits

Residual fringe benefits

Don't pay too much

There are ways that you, as an employer, can reduce the amount of Fringe Benefit Tax you pay. Can you replace fringe benefits with cash salary? Or provide benefits that are exempt from Fringe Benefit Tax? We can help you with tailored solutions to suit your specific needs.

Review your Fringe Benefit Tax obligations. 

Stay up to date with changes in legislation. 

Prepare and review your periodic and annual Fringe Benefit Tax returns. 

Implement and review your salary packaging arrangements. 

Prepare and manage ATO reviews or audits. 

Structure your finances considering how Fringe Benefit Tax interacts with other taxes.

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Single Touch Payroll

What's changing?

What you need to do

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Don't pay too much

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