iscoverBookkeepers have been urged to keep an eye out for possible client PAYG withholding period changes due to the introduction of Single Touch Payroll.
Bookkeepers urged to check on withholding cycle changes
22 August 2019
•
3 minute read
Speaking at MYOB Partner Connect 2019, Institute of Certified Bookkeepers executive director Matthew Addison said he has been made aware of clients having their PAYG withholding cycle changed from quarterly to monthly.
He said the changes appear to be made after the ATO picked up the fact that clients exceeded the quarterly $25,000 threshold through the implementation of STP.
You’re out of free articles for this month
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
Mr Addison has urged BAS agents to check if their clients have been affected by the change and to inform them, noting instances where clients have missed communication from the ATO in their myGov accounts.
It is understood that the Tax Office conducts an annual review to determine if a withholding cycle needs to be changed.
“We will allow time for you to change to the new payment cycle before your first payment is due for the new financial year,” the ATO website states.
“You can’t object to this notice. However, if you disagree with our decision, you can ask to stay on your existing cycle. This is if you estimate your future year’s withholding amount to be within your withholding status threshold.”
You need to be a member to post comments. Become a member for free today!
