StewartBrown came out in support of IRT’s Race Against Homelessness Race Day on Saturday 15th, with sponsorship and a contingent StewartBrown racegoers to yell the horses home in the eight-event card. The first race was our very own: the StewartBrown Chartered Accountants Maiden Plate. There were six runners and a close finish.
2019 06 Year End Employer Obligations and Employment Update For the year ending 30 June 2019
This special edition of our newsletter is to remind you of your 2019 financial year employer obligations and provide you with an update on employment matters:-
IMPORTANT CONSIDERATIONS
1. SINGLE TOUCH PAYROLL ("STP")
STP is a Government initiative to further simplify business reporting obligations. It is a mandatory reporting requirement for employers and will require employers to report payments such as salaries and wages, pay as you go (PAYG) withholding and superannuation information to the Australian Taxation Office (“ATO”) directly from their payroll systems at the same time employees are paid. It will eventually apply to every payroll system in Australia.
2019 06 Single Touch Payroll (“STP”)
What is STP? In summary, STP is a Government initiative to simplify business reporting obligations relating to payroll. Essentially all employers will be required to report payroll information to the ATO at the time of payment. STP will also streamline processes including tax file number declarations, Super Choice forms and notifications to super funds and government agencies.
When and who does it apply to? From 1 July 2019, STP relates to all employers however depending on your circumstances there may be some concessions or exclusions available.
What to do? After you’ve spoken to your StewartBrown Manager or Partner you will either need to set up, upgrade or implement an STP compliant solution. We urge you to consult with us to assist with the process, in particular when processing annual Income Statements and Finalisation Declarations.
2019 06 Aged Care Sector 2019 March Financial Performance Survey
This Sector Report is for the period ending March 2019 of the largest benchmark survey of Australia’s aged care sector – the StewartBrown Aged Care Financial Performance Survey. This quarterly survey takes in financial and supporting data from over 1,011 residential care homes, and over 26,386 home care packages (498 home care programs) nationally. The survey offers insights into the trends and drivers of financial performance at the sector level and at the individual residential and home care levels.
2019 04 Federal Budget 2019 - How will it impact you and your business?
The Federal Budget has been delivered and has focused on infrastructure and essential services spending as well as income tax relief for low and middle income earners and business tax relief. Unsurprisingly (on the eve of a federal election), the budget is a somewhat safe and uneventful one, and rather than containing any major changes to the current tax base, has focused on minor tweaks and changes to what we already have.
As with all Budgets, these are announcements only and have not been legislated. The details are still to be worked through, and both Houses of Parliament need to pass legislation before the announcements take effect. Parliament won’t consider these announcements until after the Federal election, expected in May this year, so more than normal, the passage from announcement to legislation is uncertain.
The key tax (personal and business related) and superannuation highlights of last night’s Budget are summarised below:-