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Single Touch Payroll is here!

Single Touch Payroll is here!


Starting 1 July 2019, changes have been implemented to the way employers report tax and superannuation payments to the Australian Taxation Office (ATO). This reporting change is called Single Touch Payroll (STP). As you run your payroll, STP reports all employee tax and superannuation information to the ATO.

How are you affected?

Single Touch Payroll eliminates the need for producing payment summaries (also referred to as a group certificates) at the end of the financial year. This information is now electronically reported each pay period, directly to the ATO. Note that you will not be affected by this change for the year ended 30 June 2019 as your payment summaries have already been issued and emailed through.

For the year ending 30 June 2020, your end of year payment summary information will be available in your myGov account. The payment summary information in myGov is called an Income Statement. This is what would be required to complete your Tax Return.

Shortly after the financial year you will be notified via myGov that your income statement is ‘tax ready’ which indicates you or a tax agent can complete your tax return.

STP Fact Sheet for Employees

The way employers report your tax and super information to us is changing. This fact sheet issued by the Australian Taxation Office for further details on STP.

Please contact us if there are any queries in relation to the above.

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What’s this new tax:

On 20 March 2024, the Victorian State Government introduced the Commercial and Industrial Property Tax Reform Bill 2024 (legislation.vic.gov.au). The Bill is expected to become law and to take effect from 1 July 2024.

The Victorian Government, as announced in the 2023-24 Budget,  is progressively abolishing stamp duty on commercial and industrial property and replacing it with an annual tax.

The annual tax, to be known as the Commercial and Industrial Property Tax (CIPT), will be set at 1% of the property’s unimproved land value.

The tax will replace land transfer duty (stamp duty) that is currently payable on the improved value of the land when you purchase or acquire a commercial or industrial property in Victoria.

The new tax system will start to apply to commercial and industrial property if the property is transacted on or after 1 July 2024.

Last week, Ashfords hosted the latest Building Business Value seminar. Maximising Business Value: Break Through the Barriers brought together a diverse panel of experts, featuring specialists from talent, marketing and finance to help businesses identify and overcome common barriers to enhance their business value. 

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