The Australian Taxation Office (ATO) is using the Taxable Payments Reporting System (TPRS) data to ensure that more than $172 billion of payments are declared properly by contractors.
Small employers with closely held payees have been exempt from reporting these payees through Single Touch Payroll (STP) for the 2019/20 & 2020/21 financial years. This exemption is now ending, meaning they must begin STP reporting from 1 July 2021
With economic support such as JobKeeper and JobSeeker winding down within the next few months, businesses are now seeking to employ additional workers with the help of the JobMaker Hiring Credit Scheme. There are a number of basic conditions that need to be satisfied in order to be eligible.
The JobMaker Hiring Credit was announced in the 2020-2021 Federal Budget. The Federal Government has now released an exposure draft of the rules for the Hiring Credit.
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