We predict that if you haven’t heard the term “data matching” enough, you will increasingly hear it in the news and in professional correspondence in the future. and perhaps the first move to a more “improved data matching” environment which will have a material effect on the way business operates is the Single Touch Payroll rules (STP) which started for some businesses on the 1st of July 2018.
STP is basically “real time” reporting of payroll information to the ATO via your payroll software at each “payrun” and affects business with more that 20 employees from the 1st of July 2018 and business under 20 employees next financial year.
Here is how it works:
(Courtesy of the NTAA)
In our opinion it is essential that if you are not using a payroll software provider you must do so and ensure that it is compliant with the STP rules.
Additionally, it further reinforces the need of every business to be masters of their cash flow and have a formalised control and review process.
If you wish to discuss this or any other matter please contact the office on +613 9846 6542 or email firstname.lastname@example.org