Shutting Your Business In December Or January?
By Peter Vickers Business Group | business, payroll, STP |
The ATO has issued a statement to small and medium businesses about single touch payroll (STP) during December or January.
While many business shut during these two summer months, STP reporting is still required by law. However the ATO has given businesses two options to help manage their STP reports.
1. Before you close
Businesses can submit multiple pay runs before you close in January if one or more pay runs fall on a day during the time in which you are shut. If circumstances have changed when business owners return, or any amendments need to be made to payroll information once you have lodged, you will need to make these amends in the next pay run.
2. When you re-open
Business owners may need to defer their STP reporting until the business re-opens. While this is possible, you need to apply online for an operational deferral before you close.
The Office of State Revenue has made significant changes to Land Tax that has caused many issues for our clients. Learn about these changes and how you can prevent being caught out.
If you’d like more information on how to grow your business, please contact one of our accounting and tax experts using the button below.
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