WITH LEGISLATION passing through Parliament today, employers with 19 or fewer employees will have to report under the Single Touch Payroll (STP) regime by July 1, 2019.  Employers with 20 or more employees came under these reporting requirements as from July 1, 2018.

“While it is appreciated that not all small or micro businesses are digitally ready for STP, their accountant is in the driver’s seat to assist them to meet these new reporting obligations,” IPA chief executive, Andrew Conway said.

“In fact some 30 percent of small businesses are still not on a digital platform and while cost may be a factor, some may well be missing out on many efficiency and productivity benefits that could help their business grow.

“STP has been in the pipeline for a long time.  For those seeking a digital solution, the IPA partnered with Reckon to establish IPA Books+ which provides a low cost STP solution and is readily available to all members of the IPA Group,” Mr Conway said.

For a cost as little as $8 per month IPA Books+ provides a digital base to monitor the cash book, view budgets, process payments, GST, manage pay runs, leave, super and STP for an unlimited number of employees.

“We acknowledge that for some micro businesses, a non-digital option may be a better fit to manage STP requirements, in the short term," Mr Conway said.

“With such tools available, accountants are encouraged to contact us today to become Cloud Advisers to assist their clients transition.

"Public Accountants are in the best position to help their small business clients transition to the digital world,” Mr Conway said.

www.publicaccountants.org.au

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THE House Standing Committee on the Environment and Energy will hold a public hearing tomorrow for its inquiry into controlling the spread of cane toads.

The Committee will convene two roundtable-style sessions involving scientists and groups involved in controlling cane toads.

The inquiry is focused on how cane toads can be controlled and additional support that could be provided.

A further public hearing is planned for next Wednesday 20 February 2019.  Details will be announced in due course.

Public hearing programs, submissions received and further information can be found on the inquiry website at www.aph.gov.au/canetoad. 

Public hearing details: 10am – 11.30am (Canberra time), Wednesday 13 February 2019, Committee Room 2R2, Parliament House

An audio broadcast of the public hearing can be accessed at https://www.aph.gov.au/News_and_Events/Watch_Parliament.

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THE House of Representatives Standing Committee on Economics today tabled the fourth report of its ongoing inquiry into Australia’s four major banks.

In October 2018, the CEOs of CBA, Westpac, ANZ and NAB appeared before the committee, shortly after the release of Commissioner Hayne’s Interim Report.

The chair of the committee, Tim Wilson MP said, "The Royal Commission has revealed shocking examples of behaviour by Australia’s four major banks. The conduct has, in many cases, been contrary to law and has fallen well below community expectations."

Mr Wilson said, "Since the committee began its inquiry into the four major banks in October 2016, the Government has undertaken major reforms to the banking and financial sector, including increasing penalties to protect Australian consumers from corporate and financial misconduct.

‘The Government has also taken action to impose higher standards of behaviour on senior executives through the Banking Executive Accountability Regime and has set up a one-stop shop for consumer complaints," Mr Wilson said.

On February 4, 2019, Commissioner Hayne delivered the Royal Commission’s Final Report, charting a course for future reform of the banking and financial sector.

Mr Wilson said, "The Government has agreed to take action on all 76 recommendations and is going further in a number of important areas.

"As a consequence of their own actions, the banks now face a considerable challenge in rebuilding the community’s trust and confidence."

The report can be accessed from the committee’s website at:

https://www.aph.gov.au/Parliamentary_Business/Committees/House/Economics/completed_inquiries

The committee’s next round of hearings will occur on March 8 and 27, 2019. Further details are available at:

https://www.aph.gov.au/Parliamentary_Business/Committees/House/Economics/FourMajorBanksReview

RESOURCE company donations to the flood recovery in North Queensland have been further boosted, to almost $3 million, with a $250,000 donation by the BHP Foundation to the Australian Red Cross and a $100,000 donation from Incitec Pivot.

QRC chief executive Ian Macfarlane said with the recovery well underway the costs would start rolling in which meant every dollar donated was critical.  

“I’d like to thank the BHP Foundation and Incitec Pivot for these donations which will go a long way in supporting people who are trying to get back on their feet after this widespread and damaging flood,” Mr Macfarlane said.

“The Queensland resources sector is 100 percent behind Queenslanders who have been affected by this significant weather event and the total contribution from the sector and QRC members has grown to $2.95 million. Glencore and South32 donated $1,000,000 each, MMG Dugald River contributed $250,000, Aurizon gave $250,000 and Adani Australia $100,000.”

Townsville is an important part of the Queensland resources sector, within the Townsville City Council area the sector contributed $925 million to the gross regional product and supported 5996 full-time employees last financial year. 

Premier Annastacia Palaszczuk started the appeal with a $200,000 donation and her government listed The Australian Red Cross, UnitingCare, Salvation Army and St Vincent de Paul Society Queensland as the non-government partners and said people can also donate to GIVIT.

www.qrc.org.au

Link to QRC economic contribution forTownsville City Council area https://www.qrc.org.au/wp-content/uploads/2018/11/Townsville_LGA_2018.pdf

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