Posted on March 15, 2018 by Ashley Dawson
From 1 July 2018, if you are deemed to be a ‘substantial employer’ and have 20 or more employees as at 1 April 2018, you will need to use Single Touch Payroll-enabled software to report your tax and superannuation information to the Australian Taxation Office.
What will I need to report?
You will need to report the following on or before your payroll pay day:
- Employee payments such as salaries and wages
- Pay As You Go (PAYG) Withholding
- Superannuation information
How do I determine if I am required to report?
To determine whether you need to report through Single Touch Payroll, you will need to do a headcount of the number of employees as at 1 April 2018. If you have 20 or more employees on 1 April 2018, you must report under Single Touch Payroll from 1 July 2018.
If you have 19 employees or less on 1 April 2018, you will not be required to report under Single Touch Payroll until 1 July 2019.
What changes once I report under Single Touch Payroll?
- You may not need to provide payment summaries to your employees at the end of the financial year when you report through Single Touch Payroll
- Your employees will be able to see their year-to-date tax and superannuation information through MyGov
- In the future Single Touch Payroll information will be used to prefill your activity statements
What do I need to do?
If according to our records you are deemed to be a ‘substantial employer’, one of the Team from GeersSullivan will be in contact with you in the next week to discuss how we can assist you in the transition to Single Touch Payroll.
Posted on March 6, 2018 by Kelsi Keep
The Personal Properties Securities Register (PPSR) is an Australian register where details of security interests in personal property (machinery, motor vehicles, inventory, crops, livestock, etc) can be registered and searched.
If you are a business that sells goods on credit with your terms in writing, a PPSR registration protects your retention of title in those goods.
Similarly, if you lease goods, your written agreement and a PPSR registration protects you (the lessor) in case your customer (the lessee) experiences financial difficulty.
If you don’t register your personal property with the PPSR and the entity in possession of that property goes bankrupt, you could lose your property. For example; there is a New Zealand case (which is a precedent in Australia) where the owners of a $2 million racehorse leased it to a stud company. The stud company got into financial difficulty and the stud’s financier repossessed the stud and the $2m horse because they hadn’t registered their security interest in their horse under New Zealand’s equivalent of the Australian legislation.
The PPSR isn’t just useful for registering your goods, the ability to search the PPSR for security interests in property you are wanting to purchase can also provide you with financial protection. For example, if you were looking at purchasing a second-hand car, you could potentially be purchasing personal property that already has a security interest registered in it by the seller’s financier – from when they purchased the car. The seller could sell you the car, take your money then stop making repayments to their financier. In this event the financier could repossess your car, meaning you would lose your money and the car. A quick search on the PPSR can reveal if the seller’s financier already has a security interest registered in that car.
If you think the PPSR may be useful to your business you can find more details here: https://www.ppsr.gov.au/ or contact your Accountant at GeersSullivan.