For those businesses that have found mid-July come about exceptionally quickly, thankfully, the ATO has extended the initial deadline for the expected Single Touch Payroll changes. Rather than the usual 14th July due date, you now have until 31st July to make any end-of-year STP finalisation declarations.
This is due to the continued impacts of the Covid-19 pandemic and subsequent restrictions taking place across Australian communities, giving a much-needed reprieve for some to ensure that they can assimilate all necessary documentation in time.
However, if you can complete declarations at an earlier date, the ATO does urge you to do so. We also remind businesses to ensure that they inform all of their employees that they have finalised their data so that they can lodge their income tax returns.
It is pleasing to see that the ATO is reacting to pressures that both businesses and agents are facing when faced with deadlines that are heavily impacted by the different phases of lockdowns and the unknown future that each week brings.
By providing a further two weeks grace to make any end-of-year STP finalisation declarations, businesses and their supporting professionals can take the necessary time to ensure that documentation is filed correctly and remains compliant with the new laws that have come into play this financial year.
At this point, the due date of 30th September for those with a mixture of arm’s length employees and closely held payees remains the same. Those small businesses that only have closely held payees need to complete all documentation by that given payee’s tax return due date.
If you are unsure when any of your finalisation documentation is due, or are unsure what new information you are expected to provide this financial year, then please get in touch with us as quickly as possible to remain compliant and within these reformed due dates to avoid complications.
We understand that this is a particularly stressful time of year for most businesses, and the impact of the Covid-19 reactions by the government these past 18 months have placed further pressure on everyone.
Thankfully, the regulatory bodies are recognising this and providing support where possible to ease anxiety and tension throughout the Australian community.