In these challenging times, it helps to feel as prepared as possible for the things that are within your control. And when it comes to tax time, it pays to be organised. The last day of June was a big date in the process, but for many business owners, tax reporting is still top of mind.
Ever since Single Touch Payroll (STP) was introduced, tax time has been undergoing something of a makeover. This new payroll process is much more streamlined, which means that reporting key information to the ATO promises to be a simpler affair. But not only has STP transformed reporting process; it is also a central component for businesses seeking to qualify for the government’s JobKeeper payments. All of which makes staying on top of tax time more important than ever.
We’re sharing some of the most commonly asked questions from our small-business community – cutting through the confusion and connecting you with the resources you need to master all things tax time, STP and JobKeeper.
Still have questions? As always, you can find more information via the ATO or reach out to your accountant or bookkeeper.
Angus Capel, Small Business Advocate, Xero