Instalment Activity Statements (IAS) for Individuals & Businesses. What is an Instalment Activity Statement? An Instalment Activity Statement or IAS is a pre-printed document sent out by the Australian Taxation Office (ATO) each month which applies to you if you deal...
Single touch payroll phase 2 in 2023. What is single touch payroll? Single Touch Payroll (STP) is a streamlined payroll reporting system in Australia that requires employers to report various aspects of their payroll, including salaries, wages, and superannuation, to...
What is a Superannuation Standard Choice Form?. Super Choice, short for Superannuation Standard Choice Form, is used to let employers know their employee's selected superannuation fund. Superannuation funds, often referred to as super funds, are a type of fund that...
Understanding how to withdraw super. What is superannuation?Superannuation, commonly referred to as 'super,' is a long-term investment designed to provide financial stability during your retirement years. It functions by pooling funds into a super account, which is...
SME Business Guide to STP Finalisation. If you're a small business owner in Australia, you're likely familiar with Single Touch Payroll (STP), the government initiative requiring employers to report payroll information to the Australian Taxation Office (ATO) in...
Staying up-to-date with tax compliance is necessary when running a business. Failure to comply with reporting obligations can lead to penalties, becoming a financial burden. Understand the general rules in tax compliance and the specific requirements imposed on the industry of your business.
PAYG means “Pay As You Go,” which the Australian Taxation Office uses to collect payments from taxpayers. It is beneficial since paying tax ‘as you go’ over the year entails not settling the lump sum amount at one go but spread out in instalments, making it easy to meet tax obligations.
