If your business has employees, it should be reporting through Single Touch Payroll (STP).
There are some changes to STP reporting from 1 July 2021:
- Small employers (less than 20 employees) with closely held payees must report their closely held payees through STP. You can choose to report these payees each pay day, monthly or quarterly;
- The STP quarterly reporting concessions for micro employers (less than 5 employees) will only be available to employers who meet certain eligibility requirements, including the need for exceptional circumstances to exist. Employers can apply for this concession through the online deferral tool from 1 July 2021.
A closely held payee is an individual directly related to the entity from which they receive payments, e.g.:
- Family members of a family business;
- Directors or shareholders of a company;
- Beneficiaries of a trust.
Further changes will start on 1 January 2022. We will advise you of those nearer the date.
Tip! Talk to Burns Sieber if your business has employees and it has not started reporting through STP but does not have a deferral or exemption. It needs to start reporting now.
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