IPA fears for SMEs as STP changes loom

binà “Ñ“Ã ’¤re optionen rentabel The Institute of Public Accountants has slammed the rollout of Single Touch Payroll to small businesses as a compliance burden that will require “considerable incentive and support”.

Last month, the government confirmed the introduction of STP for businesses with less than 20 employees from 1 July 2019, as part of its broader intention to penalise non-compliance with superannuation guarantee obligations and its push towards digitisation.

opzioni binarie strategia giornaliera Employees with more than 20 employees will transition to STP from 1 July 2018.

The IPA believes moving to STP will disadvantage small businesses that do not have the financial capacity to cope with the compliance costs, despite the transparency benefits that come with it.

“While initially STP delivers little benefit to small business, we acknowledge that other benefits exist such as transparency over superannuation guarantee payments,” said IPA chief executive Andrew Conway.

opzioni binarie miglior time frame “Employees will be able to log on and make sure they are being paid the correct amount for their superannuation contributions so this level of transparency is most welcome.

cambi forex online “Our concern is for the 70,000 small businesses that have been identified that will struggle to implement STP without help and support. Many of these businesses are not digitised and will require the adoption of technology and education.”

Mr Conway believes micro businesses with less than five employees will require significant support and incentives to implement STP, and supports the idea of a phased and targeted incentive approach proposed by the government.

meinungen zu binäre optionen “We are pleased to note that the government is considering a partial offset of costs and other incentives, said Mr Conway.

http://jojofane.com/?njd=op%C3%A7%C3%B5es-bin%C3%A1rias-saque&d7f=95 “However, we would like much more detail to ensure small businesses are not adversely impacted by the implementation of STP.

operacioni binari “There is also a reliance on strong internet connections which would disadvantage many working in more remote areas of Australia.”

2 thoughts on “IPA fears for SMEs as STP changes loom

  • October 13, 2017 at 3:02 pm
    Permalink

    “There is also a reliance on strong internet connections which would disadvantage many working in more remote areas”.

    I sympathize profusely with such remote small villages. The internet in any country -in remote areas- is an absolute nightmare and cannot be relied on.
    Sally Ramage

  • October 13, 2017 at 6:21 pm
    Permalink

    I think the introduction of STP to small business will be a huge burden to my SME clients , especially those who don’t use an in house bookkeeper each week. It will mean that SME will immediately incur costs to upgrade their accounting software at great expense to the latest versions, extra wage costs, etc. Its an administrative nightmare SME do not need, especially those that are not so tech savy. We can all see where this is eventually leading , as the ATO , will some time down the track , insist that the payg & superannuation liabilities be paid each week. Its all about ATO cash flow!.

    I hope the accounting bodies unite as one (1) & lobby the ATO , not to introduce STO to small SME with less that 20 employees.

    The ATO cannot even get the portal to work efficiently..
    The comment about no requirement to produce payg summaries and this will make life easier for SME, is laughable , how are we meant to ensure the payroll paid balances to the annual accounts. The payg summaries is quite an easy task to complete using say MYOB software. I struggle to see how the ATO will get payroll numbers to balance!

Leave a Reply

Your email address will not be published. Required fields are marked *

Bitnami