WealthVisory Pty Ltd Explains Single Touch Payroll, an ATO Initiative for Small Businesses

WealthVisory Pty Ltd Explains Single Touch Payroll, an ATO Initiative for Small Businesses

Accountants Mandurah | WealthVisory Pty Ltd
WealthVisory Pty Ltd, the leading Mandurah accountants has been providing business and tax solutions to help businesses achieve their goals. They explain Single Touch Payroll, an ATO Initiative for Small Businesses.

Mandurah, Western Australia – May 15, 2020 – As one of the well-established accounting firms in Mandurah, WealthVisory Pty Ltd is dedicated to providing a professional and personalised service that helps businesses succeed. They are helping people with their business and personal financial goals, and just importantly, helping them achieve financial peace of mind

When asked about their service, “WealthVisory was born through the merger of Dolphin Tax and RCP Accountants in January 2019, to enable a more efficient and continually improved quality of service to be delivered to our clients. We are dedicated to providing a professional and personalised service that will help you and your business succeed,” replied the spokesperson of WealthVisory Pty Ltd.

Being rated as the top tax accountants in Mandurah, they provide financial tips for businesses, especially small business, to encourage them to thrive and succeed in this competitive environment. In a recent interview, the Mandurah accountants explained about Single Touch Payroll, an ATO Initiative for Small Businesses.

“Single Touch Payroll (STP) was introduced on 1st July 2018 for all businesses with 20 or more employees. The laws to extend the Single Touch Payroll (STP) reporting requirements so they apply to all employers with less than 20 employees has now passed the Senate and will be Law,” said the spokesperson.

He also continued, “STP will require you to have your payroll transaction data transferred to the ATO each time your employees are paid. This may require you to use a software program that will transmit the data to and from the ATO on your behalf.”

The highly experienced team at WealthVisory Pty Ltdprovide a broad range of services from basic tax returns to complex business structures. It includes Business Start-ups and planning, Business Restructuring, ABN and ACN applications and Business Name Registrations, (GST) Goods and Services Tax – Business Activity Statements, Individual income tax returns, Preparation of Financial Statements and, Income Tax Returns for:Family Trusts, Partnerships, Companies, Superannuation Funds, Capital Gains Tax advice and planning, General Taxation Planning, and Bookkeeping.

“When you start STP, you won’t need to produce payment summaries or a payment summary annual report. Instead there’s a simple end-of-year process for finalising STP. This process just sends a confirmation that you have fully reported for the financial year and for each of your employees,” concluded the spokesperson of WealthVisory Pty Ltd, small business accountants in Mandurah.

About WealthVisory Pty Ltd:

Established in 2019, WealthVisory Pty Ltd is providing business and tax solutions to help businesses achieve their goals. Visit https://www.wealthvisory.com.au for more information.

Media Contact
Company Name: WealthVisory Pty Ltd
Contact Person: Aaron Colley
Email: Send Email
Phone: 08 9583 5563
Address:53 Sholl St
City: Mandurah
State: Western Australia
Country: Australia
Website: www.wealthvisory.com.au