Posted on March 18, 2019
STP reporting is about to have a shake up with ATO director Michael Karavas informing of the ATO to provide a one year single touch payroll exemption for closely held payees for the 2019/20 financial year. The ATO is moving towards quarterly reporting to commence in July 2020.
The ATO’s definition of a closely held employee is one who is a non-arm’s length employee, directly related to the entity from which they receive payments, including family members of a family business, directors of a company and shareholders or beneficiaries.
You can read more about the ATO 1 year STO exemption grant at the below link.