I have often speculated that the Govt will one day realise that it can accelerate access to employee taxes (and take that cashflow benefit from employers !!) if it could integrate payroll in a way similar to PAYE withholding in NZ. In NZ the employers report each fortnight and pay the tax fortnightly. Here is monthly or quarterly.
Well look what the libs are now announcing on the sly during the Xmas shutdown.... http://jaf.ministers.treasury.gov.au/media-release/001-2014/
Deceitful ?? I haven't seen this in the media.
This sort of announcement used to be a budget announcement. Its a disguised cash grab that will not make small business lives any easier. If anything the small businesses will lose access to cashflow. I bet money on it.
Proposal is to call it an integrated approach. Nice way of describing immediate. This gives the ATO real time super AND tax info. Its only a matter of time before they will make employers pay taxes monthly or earlier.
- Payroll software will have to be updated
- Linked with super reporting is a certainty
- Data used and shared by state govts for payroll tax and workers comp. In NZ if the wages aren't formally paid through withholding the employee is uninsured !!
- Profiling employers who do things differently - ie bonuses, fringe benefits etc
Single Touch Payroll...More like being felt-up than a single touch.
Well look what the libs are now announcing on the sly during the Xmas shutdown.... http://jaf.ministers.treasury.gov.au/media-release/001-2014/
Deceitful ?? I haven't seen this in the media.
This sort of announcement used to be a budget announcement. Its a disguised cash grab that will not make small business lives any easier. If anything the small businesses will lose access to cashflow. I bet money on it.
Proposal is to call it an integrated approach. Nice way of describing immediate. This gives the ATO real time super AND tax info. Its only a matter of time before they will make employers pay taxes monthly or earlier.
- Payroll software will have to be updated
- Linked with super reporting is a certainty
- Data used and shared by state govts for payroll tax and workers comp. In NZ if the wages aren't formally paid through withholding the employee is uninsured !!
- Profiling employers who do things differently - ie bonuses, fringe benefits etc
Single Touch Payroll...More like being felt-up than a single touch.