What is STP?
In summary, STP is a Government initiative to simplify business reporting obligations relating to payroll. Essentially all employers will be required to report payroll information to the ATO at the time of payment. STP will also streamline processes including tax file number declarations, Super Choice forms and notifications to super funds and government agencies.

When and who does it apply to?
From 1 July 2019, STP relates to all employers however depending on your circumstances there may be some concessions or exclusions available.

What to do?
After you’ve spoken to your StewartBrown Manager or Partner you will either need to set up, upgrade or implement an STP compliant solution. We urge you to consult with us to assist with the process, in particular when processing annual Income Statements and Finalisation Declarations.

This Sector Report is for the period ending March 2019 of the largest benchmark survey of Australia’s aged care sector – the StewartBrown Aged Care Financial Performance Survey. This quarterly survey takes in financial and supporting data from over 1,011 residential care homes, and over 26,386 home care packages (498 home care programs) nationally. The survey offers insights into the trends and drivers of financial performance at the sector level and at the individual residential and home care levels.

The Federal Budget has been delivered and has focused on infrastructure and essential services spending as well as income tax relief for low and middle income earners and business tax relief. Unsurprisingly (on the eve of a federal election), the budget is a somewhat safe and uneventful one, and rather than containing any major changes to the current tax base, has focused on minor tweaks and changes to what we already have.

As with all Budgets, these are announcements only and have not been legislated. The details are still to be worked through, and both Houses of Parliament need to pass legislation before the announcements take effect. Parliament won’t consider these announcements until after the Federal election, expected in May this year, so more than normal, the passage from announcement to legislation is uncertain.

The key tax (personal and business related) and superannuation highlights of last night’s Budget are summarised below:-

The FBT year ends on 31 March 2019 and each employer is required to calculate their liability for FBT. Where a liability for FBT exists, an annual return is required to be lodged and any tax paid by 21 May 2019. However, if the return is lodged electronically by a Tax Agent the due date of lodgement is 25 June 2019 while the payment due date is 28 May 2019.