The ATO has acknowledged that an incorrect excess non-concessional contribution ('ENCC') determination may issue due to a known system issue with the calculation of some SMSF member's total super balance ('TSB'). Editor: Recent super reforms have meant that individuals are restricted from making non-concessional contributions where their TSB equals or exceeds $1.6 million. This is due to an individual's pension being incorrectly 'double counted' in the calculation of their TSB (which may have occurred where the individual commenced a pension on 30 June 2017 and/or 1 July 2017). If...
Single Touch Payroll ('STP') is a Government initiative aimed at cutting red tape for employers and improving visibility of compliance with business obligations such as: salary and wages and similar payments , Pay As You Go ('PAYG') withholding , certain superannuation related information by requiring 'real time' reporting of payroll information directly to the ATO. Importantly, STP is designed to extract information that already exists in an employer's payroll system. As such, it is not intended to impose any additional burden on employers, other than requiring them to report the...
Employers with 19 or fewer employees are required to start reporting through Single Touch Payroll ('STP') from 1 July 2019. The ATO will be working with employers to support them as they transition to STP, including allowing small employers to start reporting any time from 1 July to 30 September (and the ATO will also be "generous" in granting deferrals to small employers who need more time to start STP reporting)....
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