We believe that part of our job is to make sure our clients are aware of major changes in the financial services industry. The only way you can be successful is by making informed decisions, which starts with accurate information. There are two major changes coming this year, and they may affect how you do business.
Single Touch Payroll
Single Touch Payroll, or STP, will affect employers across Australia. This new require means that companies will be required to report payments like wages, super information, and pay as you go (PAYG) withholdings to the ATO from their payroll software when they pay employees. This used to be done on a monthly or quarterly basis.
Businesses will have to change the way they handle payroll to remain compliant. Operations of 20 or more people are required to update their system for STP by 1 July 2018. Those with 19 employees or less must be setup by 1 July 2019.
This update may have a positive effect on your business. It will streamline ATO reporting. It also allows the ATO to pre-fill the business activity statement (BAS) for employers which eliminates errors. Financial services are available to assist with payroll changes.
Notifiable Data Breaches
The Notifiable Data Breaches (NDB) scheme falls under the Privacy Act 1988. This change outlines obligations for organisations responding to a data breach. The new rules require businesses to notify individuals whose personal data was accessed and could result in serious harm. The notification must include steps that can be taken to minimise damage. The Australian Information Commissioner must also be notified.
The NDB applies to a number of entities including government agencies, businesses, TFN recipients, health care providers, credit reporting agencies, and all not-for-profit organisations with annual turnover of $3 million or higher. If you fall into any of the categories mentioned, then you should consider professional financial services to help you stay compliant.
When notifying the Commissioner of a data breach, the following information must be included:
- Contact information for the organisation
- Data breach description
- The type of data that was accessed
- Recommendations for affected individuals
Adapting to Change
Businesses must be prepared to adapt quickly to changes set forth by the government. Your organisation should have a data breach response plan in place and should re-evaluate that plan when changes are announced. The easiest way to stay compliant and protect your assets is with the help of professional financial services. An accountant will ensure that your records and payroll are handled within the confines of the law.
If you have questions about these changes or other accounting concerns, contact Oculus Group. Our experts can be reached at
We believe that part of our job is to make sure our clients are aware of major changes in the financial services industry. The only way you can be successful is by making informed decisions, which starts with accurate information. There are two major changes coming this year, and they may affect how you do business.
Single Touch Payroll
Single Touch Payroll, or STP, will affect employers across Australia. This new require means that companies will be required to report payments like wages, super information, and pay as you go (PAYG) withholdings to the ATO from their payroll software when they pay employees. This used to be done on a monthly or quarterly basis.
Businesses will have to change the way they handle payroll to remain compliant. Operations of 20 or more people are required to update their system for STP by 1 July 2018. Those with 19 employees or less must be setup by 1 July 2019.
This update may have a positive effect on your business. It will streamline ATO reporting. It also allows the ATO to pre-fill the business activity statement (BAS) for employers which eliminates errors. Financial services are available to assist with payroll changes.
Notifiable Data Breaches
The Notifiable Data Breaches (NDB) scheme falls under the Privacy Act 1988. This change outlines obligations for organisations responding to a data breach. The new rules require businesses to notify individuals whose personal data was accessed and could result in serious harm. The notification must include steps that can be taken to minimise damage. The Australian Information Commissioner must also be notified.
The NDB applies to a number of entities including government agencies, businesses, TFN recipients, health care providers, credit reporting agencies, and all not-for-profit organisations with annual turnover of $3 million or higher. If you fall into any of the categories mentioned, then you should consider professional financial services to help you stay compliant.
When notifying the Commissioner of a data breach, the following information must be included:
- Contact information for the organisation
- Data breach description
- The type of data that was accessed
- Recommendations for affected individuals
Adapting to Change
Businesses must be prepared to adapt quickly to changes set forth by the government. Your organisation should have a data breach response plan in place and should re-evaluate that plan when changes are announced. The easiest way to stay compliant and protect your assets is with the help of professional financial services. An accountant will ensure that your records and payroll are handled within the confines of the law.
If you have questions about these changes or other accounting concerns, contact Oculus Group. Our experts can be reached at 07 5536 3755 or by completing our online contact form.
