Transfer Balance Account Reporting

Transfer Balance Account Reporting

From 1 July 2017, the Government introduced a ‘general Transfer Balance Cap’ (TBC) of $1.6 million to limit the total amount of capital that superannuation fund members can have in ‘retirement phase’ (where no tax is payable on earnings). In order to monitor the TBC,...
Single Touch Payroll

Single Touch Payroll

Single Touch Payroll (STP) for employers with 19 or less employees will commence from 1 July 2019. STP requires employers to report payments such as salaries and wages, PAYG withholding and super information electronically to the Australian Taxation Office (ATO)...