Legislation changes will be coming into effect during 2018. Is your business prepared?
There are three key trends that all leaders should be aware of as a new year approaches.
Employer obligations, accessorial liability, taxation legislation and superannuation guarantee (SG) non-compliance have received a lot of attention in the last few months – and we’re set to see a continuation of this theme across 2018. So what key changes do employers have to look out for?
“New Single Touch Payroll [STP] legislation along with other Federal Government initiatives such as MyGov and SuperStream, are momentous leaps forward in the Australian Government’s Digital by Default agenda,” says Eddie Megas, Acting Managing Director, ADP Australia and New Zealand, “Not since the introduction of PAYG in 2000 have we seen a piece of legislation with this impact for employers and employees.”
So let’s explore some of the big questions about STP.
Will your business be STP-ready by 1 July 2018?
From 1 July 2018, STP will be mandatory for all ‘substantial employers’ (those with 20 or more employees). Employers with 19 or fewer employees may be required to report through STP from July 2019, subject to the passage of legislation. All employers will need to do a headcount on 1 April 2018 to determine their obligation to report through STP.
How do employers benefit from STP?
There are a number of benefits available when you report your employer obligations through STP in a financial year, including: