Raising capital can be a challenge for many small business owners or entrepreneurs looking to grow, or even simply start their business. Without a financial background, it can be hard to know where to start with capital raising and finding the appropriate funding to give your idea the backing it requires. There are more traditional Read More…
Small businesses reminded to get Single Touch Payroll ready
Small Business Ombudsman, Kate Carnell
Mon 23 September 2019 - 9:45 amFeatured | Media Releases | Small Business
Small businesses with 19 employees or less are required to make the transition to STP by the deadline in two weeks.
STP became mandatory for small employers on 1 July this year, with the Australian Taxation Office allowing a three month grace period for businesses to transition to the new digital system.
“It’s encouraging to see the number of small businesses reporting through STP has more than tripled during this transition phase, from around 100,000 to 350,000,” Ms Carnell says.
“However there are many small businesses that have not yet made the move and they really need to.
“For those small businesses that need more time, they can apply for a deferral or work with their tax or BAS agent to report quarterly, if eligible.”
For more information about Single Touch Payroll visit ato.gov.au/stp
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