Confusion with imminent compliance dates for is putting SME business owners at risk of falling foul of the ATO warns MYOB. The cloud accounting software provider is urging small business owners to be aware of and comply with the ATO’s October deadlines for withholding tax tables and SuperStream.
The first deadline for SMEs to be aware of falls on 1 October. SMEs who are affected are required to update their withholding tax tables by this date. These changes will not be back dated, and any tax deducted from 1st July will be balanced out in the individual tax returns.
This is in addition to ATO regulations for SuperStream. To help make things easier for SMEs, the ATO has provided a deadline extension to 28 October 2016 for those small businesses, with 19 or fewer employees, that are not yet SuperStream ready. However, from 1 November 2016, the ATO will crack down on non - complying small employers.
“The ATO has announced big changes for SMEs. SMEs are telling us they are confused and unaware of the deadlines set against them, and we encourage them to get clarification from their accountant or book keeper” says James Scollay, General Manager of SME Solutions, MYOB.
Earlier this year, MYOB research revealed that one-third of Australian SMEs were still running a risk of potentially not complying with SuperStream regulations, and one quarter were unaware of the deadline. SMEs now have just over four weeks to meet the ATO regulations.
“It’s critical, especially in the lead up to October, that SMEs select the easiest and most efficient way to comply with the ATO regulations. One option includes using a payroll system that meets the required standards. When customers move to the latest version of any MYOB payroll product they will have the tools to be fully compliant and, in many cases, will also be able to save costs and reduce time.”
“MYOB exists to help businesses succeed by developing intelligent and intuitive tools that help make business life easier. Our payroll products do exactly that. It’s a seamless and cost effective solution which saves hours of time from manually processing employee superannuation, and we’re thrilled to see the contributions made through our payroll solutions continue to grow,” says Mr. Scollay.
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MYOB Group Ltd (ASX: MYO) is a leading cloud based business management solutions provider. It makes business life easier for approximately 1.2 million businesses across Australia and New Zealand by simplifying accounting, payroll, tax, practice management, CRM, job costing, inventory and more. MYOB provides ongoing support via many client service channels including a network of over 40,000 accountants, bookkeepers and other consultants. It is committed to ongoing innovation, particularly in cloud computing solutions, and in 2015 was awarded the BRW award for the most innovative large company for 500+ employees and placed 2nd in BRW’s Most Innovative Companies Award list across all categories nationally. For more information, visit http://investors.myob.com.au/Investors or follow @MYOB on Twitter.