Description
A new field labelled CIR Applies has been added to the Company Tax Details section of the Payroll > Payee > Payee Entry screen to identify company contractors (payees with a tax type of Company) who are subject to voluntary tax withholding at a Commissioner's Installment Rate (CIR).
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The new CIR Applies field is highlighted in the example below.
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Benefits
Under Single Touch Payroll (STP) Phase 2 it is mandatory to report if a payee has a voluntary withholding agreement that is at the standard rate of 20% or at a CIR rate. Therefore, this enhancement allows you to configure Payee records accordingly in preparation for STP Phase 2 reporting.
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STP Phase 2 reporting capability will be added to FastTrack360 in a future release towards the end of 2022. |
Configuration
On upgrade, the CIR Applies field will be ticked automatically for all company contractors who have a voluntary withholding agreement and have a withholding rate that is anything other than 20%. Therefore, it should not be necessary to update existing Payee records to cater for this.
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