If you have a Self-Managed Super Fund (SMSF), you will have heard from us regarding monthly online processing. Why? due to the change in reporting requirements that have come about via the introduction of Single Touch Payroll (STP) and Transfer Balance Account Reporting (TBAR). Our expert SMSF administration service allows us to do weekly processing of transactions, which allows us to comply with the increase in reporting requirements handed down by the ATO.
As you may already be aware, STP is now compulsory for all businesses employing 20 or more people and will be compulsory for all other employers from 1 July 2019. It’s part of the Australian Government’s improvement of data matching and information reconciliation processes.
So, if you have an SMSF how does this affect you? Well, STP will provide employees with more visibility regarding their employer superannuation contributions and replace paper PAYG Payment Summaries via the My Gov Portal. So, for those who are self-employed and those maximizing their annual super contributions, STP will require closer monitoring of wages and superannuation contribution – mainly because STP places more restrictions and time limits when adjusting employee pays.
While STP may not affect you if you are already in
How will we help you?
Our expert team will ensure that you comply with the new requirements from the ATO.
Another benefit we offer all SMSF
What does this mean for you in terms of the cost? You will receive a greater level of administration service for the same cost as before, which includes the annual audit fee.
Want to discuss your SMSF needs? Get in touch with us today.