Every business tax payer with more than Rs 2millions must file GST Returns at least 3 times per month and sales turnover threshold may vary from state to state. At GovReports, the process of electronically filing of these reports is simplified both at the business and the tax return preparer’s level. Try us now! ...read more

Accountants, payroll departments and bookkeepers work overtime during the end of financial year to produce payment summary annual report [PSAR] for the businesses. There are several steps to be completed to generate PSAR ready for lodgment which starts from the final payroll run for the financial year. Pay As You Go Payment Summary or PAYG payment summary or commonly known as Group Certificate can be produced only when the final pay event is completed. The wages and PAYG withheld are reported to Australian Taxation Office [ATO] either monthly or quarterly in the name of Instalment Activity Statement [IAS] or Business Activity Statement [BAS]. Wages and PAYG withheld which are reported to ATO up to the final pay event should be reconciled before generating PAYG payment summary. PAYG payment summary are produced in quadruplicate, issued to the employee in duplicate, retaining one copy with the payer and the final copy mailed to ATO. The copies of PAYG payment summary should accompany with a summary statement of wages and payg withheld for the full financial year. The summary mailed to ATO is known as PSAR. To eliminate the PAYG payment summary printing, manual data entry and re-keying data into ATO database, ATO encouraged employers to send the PAYG payment summary details in floppy disk, CD or DVD along with PSAR. When the Treasury introduced Standard Business Reporting in Australia, PSAR reporting moved to digital environment. As the SBR enabled software product, GovReports lodged  first digitally enabled PSAR with ATO in July 2011. Since then the perception of looking at the cumbersome year end PSAR preparation and lodgment become a simple and automated job for the concerned professionals.  With the success of digitally received PSAR from GovReports, ATO extended and opened the lodgment of PSAR through the portal for employers and tax practitioners from July 2013 and never look back. Single Touch Payroll  is the new payroll reporting regime requiring employers  to file and report all their payroll related events to ATO. Single Touch Payroll [STP] commences from July 2018 for the employers with 20 or more employees headcount as on Apr 01, 2018. This STP reporting is one step ahead and abolishes the lodgment of PSAR, when implemented fully. GovReports is  STP compliant and since July 2018, employers start to lodge STP pay events successfully from various file format including Spreadsheet as GovReports accepts payrun event in CSV. It is a blessing for the employers and tax professional who don’t use any payroll software or using a non-compliant STP version of payroll software.  GovReports is the compliance reporting and lodgment software, so for those businesses that want to access payroll features, GovReports also has the simple payroll software version -  Interactive Accounts Manager which is suitable and helpful to employers/businesses  to run pay events and STP reporting. Employers with lesser than 20 employees need to adhere to STP reporting from July 2019 will find GovReports  an essential part of their business when it comes to meeting its compliance reporting obligations. ...read more

Single Touch Payroll, STP, is in practice now. Payroll events digital data are flowing into Australian Taxation Office, ATO, with effect from July 01, 2018. Single Touch Payroll reporting is applicable to the employers with twenty or more employees on their payroll register. Employers with lesser employees may report STP payroll event as an optional now, but mandated from July 01, 2019. But, what is STP? How it makes the life of payroll staff and employers different from what they do before STP implementation. Single Touch Payroll is a digital data conductor between payroll software or lodgement portal like GovReports and ATO. The payroll event reportable information is digitally transmitted to ATO as and when the payroll event takes place. The personnel involved in payroll management need not take any special efforts as the payroll software or GovReports does the STP lodgement role for them. Australian government is experimenting Standard Business Reporting, since 2008, towards the ‘Digital by default’ objectives in the B2G reporting. The reportable data originated from any business transaction should be passed on to ATO as a natural business process. ‘Tell us once’ – ATO is directing the businesses to use STP portal like GovReports, the natural business process reporting system. At the receiving end, ATO will process the data and send to respective divisions which eliminate the following reporting obligations to the employers: 1.      Tax file number declaration 2.      Activity statements – IAS 3.      PAYG payment summary to employees 4.      Payment summary annual reports In addition to the above, Single Touch Payroll reporting brings in prefill information of wages, allowances and payg withheld details to the individual income tax returns. Individuals can get the income and payg details from myGov/myTax whereas tax agents can get the prefill information of their clients in their Practitioner Lodgement Software, PLS, for income tax return preparation and lodgement. GovReports is one of the digital service providers actively participated with ATO-STP developments and released for employers since July 2018. GovReports application act as a cloud portal for the employers to update the payroll event data and lodge directly to ATO. If the employer is using a non STP enabled payroll software GovReports allows the import of payroll event reportable information. The payroll data imported can be reviewed and edited, if needed, before lodging through GovReports. The payroll function available with the accounting module, Interactive Accounts Manager, IAM, is useful for the micro employers to create payroll event and report it as STP directly from GovReports.  Digital transformation is taking place with the implementation of Single Touch Payroll in Australia. Businesses must expedite their digital transformation through Single Touch Payroll to drive their business forward. They must adapt to technological changes, work to improve the growth and profitability taking Single Touch Payroll as an opportunity. All of these technological advancement s, whether on the fringe or in the middle of success, have the opportunity to change the face of the business forever. ...read more