Director's Fees under STP Phase 2

Vanessa_10085275
Vanessa_10085275 Member Posts: 37 Reckoner Reckoner
edited April 2024 in Accounts Hosted

Good morning, our accountant is querying why our Director's Fee's weren't processed via STP year ending 2023

However STP Phase 2 was only implemented to us in July 2023 - which included a section for Director's Fee's

Am i incorrect in this or is he? (we are a small business with less then 10 employees

I'm confused. Any help or advise would be greatly appreciated

Thank you

Answers

  • Rav
    Rav Administrator, Reckon Staff Posts: 13,740 Reckon Community Manager Community Manager
    edited April 2024

    Hi @Vanessa_10085275

    Director's Fees were disaggregated from gross under STP Phase 2 so if you switched to STP Phase 2 in July 2023 any balances paid as Director's Fees this financial year will appear in the current 2023/24 EOFY finalisation at the end of this financial year.

  • Vanessa_10085275
    Vanessa_10085275 Member Posts: 37 Reckoner Reckoner

    Thanks Rav, accountant is referring to Director's Fee's paid December 2022 - these weren't processed via STP as we did not have Phase 2 at that stage

  • Rav
    Rav Administrator, Reckon Staff Posts: 13,740 Reckon Community Manager Community Manager

    Correct, back then they were still attributed to gross ie. any director's fees earnings paid at that stage (prior to STP Phase 2) would have been attributed to gross and not separated as they are now.

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