Single Touch Payroll

Single Touch Payroll All businesses are now required to submit STP effective 1 July 2019. Are you ready for the change? What is Single Touch Payroll (STP)? Single Touch Payroll, also called STP or one touch payroll, is an initiative from the ATO to encourage frequent salary reporting. This means employers will be required to report salaries and wages, PAYG … Read More

Federal Budget 2019 – 2020

Federal Budget 2019 – 2020 On Tuesday 2 April, Federal Treasure, Mr Josh Frydenberg delivered Australia’s Federal Budget. Unsurprisingly, there are minimum changes to our tax system, with the main focus being enhancement of tax integrity measures. Superannuation legislation has been left mostly unchanged. Mr Frydenberg advised that the budget is “back in black” announcing a surplus of $7.1 billion next … Read More

FEDERAL BUDGET – 2018/2019

FEDERAL BUDGET – 2018/2019

Welcome to the KSR edition of the Federal Budget overview.

Scott Morrison’s 2018/2019 budget to build a stronger economy for Australia is summarised in the following 5 points

1. Simplifying the individual tax systems and providing tax relief

2. Keeping Australians safe

3. Stronger growth to create more jobs

4. Guaranteeing the essential services that Australians reply on

5. Ensuring the Government lives within its means

Single Touch Payroll (STP)

Single Touch Payroll

Have you thought about how you will prepare?

Single Touch Payroll (STP) is mandatory for employers of 20 or more employees from 1 July 2018, and will most probably become mandatory for all employers by 1 July 2019.

Early implementation of the Single Touch Payroll regime can provide your business with efficiencies for reporting tax and superannuation information to the ATO.

Federal Budget – 2017-2018 Brief

Federal Budget – 2017-2018 Brief

Welcome to the KSR edition of the Federal Budget overview.

The Federal Government handed down what commentators are calling a balanced budget. Scott Morrison has embraced a positive outlook for the economy and says the budget focuses on boosting the economy and households. The budget anticipates the books to balance in 2020-21.

Federal Budget Update 2016-17 – May 2016

Federal Budget Update 2016-17 – May 2016

To our Valued Clients

Welcome to the KSR edition of the Federal Budget overview.

Please click here for a more detailed overview of the budget measures and how it impacts on you. Please do not hesitate to contact the team here at KSR if you have any questions.

Update: SuperStream Approaching – Are you Ready? – April 2016

Update: SuperStream Approaching – Are you Ready? – April 2016

SuperStream, a system of remitting superannuation contributions electronically. The deadline for the implementation of SuperStream was 30 June 2015 for employers with 20 or more employees and 30 June 2016 for employers with 19 or fewer employees.

We have sent information regarding SuperStream in the past, but it’s worth recapping the basic principles. SuperStream requires that employers pay all contributions electronically and in doing so, transfer information about the contributions to the relevant super funds electronically using an “electronic service address”. The data message and payment are linked by a payment reference number which enables the receiving fund to reconcile the payment.

So what do you need to know?

Australia Post Update

Australia Post Update From the 4th of January 2016 there will be increased postage fees and three speeds for sending letters within Australia – Express post, and the new Priority and Regular services. Priority will take up to 1-4 business days. Regular post will now take up to 2 business days longer than priority. Both regular and Priority postage times … Read More