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It has been a busier-than-usual EOFY for many
This has been a busier-than-usual end of financial year process for bookkeepers with many preparing the last run of Payment Summaries for their 'large employer' clients who are entering the Single Touch Payroll (STP) reporting regime as of 1 July.
The roll out of STP is going relatively well, with some smaller employers, not yet caught by the STP legislative net, voluntarily opting in. There are some pain points for tax professionals that the ATO is currently working with industry groups to alleviate these irritants as far as possible as STP progresses, including their requirements around how and when authorisations for STP lodgements are mandated. We expect to hear further from the ATO in the near future, to clarify their requirements and accommodate a practical solution that adheres to the law.
There is great opportunity for bookkeepers to assist small business in the transition to STP over the next 12-18 months. For those wanting to add greater depth to their payroll skills, the Diploma of Payroll Services launched earlier this year is a great place to start and is approved by the Tax Practitioners Board as relevant Continuing Professional Education.
For more information about the Diploma of Payroll Services and the 5% discount for AAT members please click