FMA Partners are thrilled to announce that Natalie Hewson has been appointed as an independent Director of the Australian Turf Club. This appointment is effective from today, 1 February 2023.

Throughout the past year, we’ve been keeping you up to date on Single Touch Payroll (STP) Phase 2 and the roll out in Xero Payroll. We’re pleased to let you know that all three stages are now live and ready to be actioned in Xero Payroll.

No-one wants unhappy surprises at your Christmas party or client functions this Christmas, so make sure you understand the FBT rules before you pick up the champagne and starting handing out your secret Santa presents this year…. & Merry Christmas from Natalie, Nick, Andrew & the whole FMA team!

Xero has been granted a deferral on the start date of the STP Phase 2 payroll software. The deferral applies to all new and existing customers.

In this issue we provide an update on various ASIC matters, including:

ASIC Fee changes from 1 July 2022. Extended reporting deadlines for certain companies required to lodge financial reports with ASIC. Prepaying your Annual review fees for a discount; and consolidating your ASIC reporting dates for groups with multiple companies.

There has been a big push from the Australian Taxation Office (ATO) toward paperless communication over the last 12 months and unfortunately, their implementation of these changes has been less than perfect. In light of this, FMA Partners have recently implemented a new system to assist with handling client correspondence from the ATO.

There are a number of important changes that came into affect from 1 July 2022.

We have summarised these key changes for businesses, superannuation and individuals.

Most businesses are already reporting payroll information to the ATO under Single Touch Payroll Phase 1. In the 2019-20 Budget, the government announced that Single Touch Payroll (STP) would be exanded to include additional information.