Australian Payroll End Of Financial Year 2016

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Australian Payroll End Of Financial Year 2016

Keep Calm Australian end of financial year

The ATO recently advised the income tax changes announced in the Federal Budget have not been enacted. Only the formulas relating to HELP and SFSS calculations will change from 1st July 2016, there are no changes to any other withholding formulas from 1st July 2016.

Most importantly for the 2015/16 financial year, the payment summary format for 2016 has remained unchanged from last year.

Other payroll related points to note include; SuperStream legislation will apply to all Australian businesses from 28th October 2016, to quote the ATO “we are supporting small businesses that are not yet SuperStream ready by giving them another 4 months to make the changes and meet their SuperStream obligations by October 28th 2016”. As previously announced both Tencia and Arrow Financials are SuperStream compliant.

The Electronic Commerce Interface (ECI) software from the 25th June 2016 will cease operation as an ATO lodgement channel, most of the ECI functions are available via the ATO Business Portal.

For further information please visit the ATO website.

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