Melbourne developer Welsh Group has secured the purchase of an additional site in the rapidly growing Victorian suburb of Armstrong Creek in the Geelong region. The acquisition of 500-540 Surf Coast Highway completes the Welsh Group ownership of the major mixed-use Armstrong Creek Town Centre, resulting in over 40ha of landholdings for Welsh Group. Construction of the site is due to commence in the coming weeks.

The Welsh Group has a strong investment within the Geelong region through its residential homes division, Welsh Homes.

Andrew Welsh, Managing Director, said. “The Armstrong Creek Town Centre will be the first major commercial project in this region delivered by Welsh Group, and will include a range of retail, leisure and entertainment, residential and community facilities; bringing an array of services and employment opportunities to the growing community.”

Stage 1 of the development, which has now received Planning Approval, comprises of a Coles supermarket along with supporting specialty retail. Welsh Group has an additional permit pending approval for fast food and bulky goods along the Surf Coast Highway.

 

 

 

 

 

 

“Stage 1 will initially service approximately 58,000 people, and provide in excess of 1,100 ongoing jobs, with the suburb set to rapidly increase to over 110,000 residents by 2036,” Welsh said.

Stage 1 of the Town Centre is scheduled to open in 2020. Welsh Group have appointed Colliers International as exclusive leasing agents across the town centre and freestanding pad sites along the Surf Coast Highway, ensuring a seamless and suitably master planned offering that will benefit the wider region.

Colliers International’s Mike Crittenden and Adam Lester will manage the leasing campaign. “The initial off market campaign in securing the anchors has already generated significant local and national retail interest for the soon to be launched specialty tenancies”, Crittenden said.

 

Source: Shopping Centre News

Single Touch Payroll (STP) is an ATO compliance regulation that requires employers to send employee payroll information including salary, wages, PAYG withholding and superannuation to the Australian Tax Office (ATO) at the same time as their standard pay run.

This is a significant change, for small business in particular, that will require many employers to upgrade or replace their payroll system in order to meet their reporting obligations.

Last month, the Australian Government officially passed legislation to expand Single Touch payroll to all employers. This is being done in two phases:

  • Phase 1: Single Touch Payroll became mandatory on 1 July 2018 for all employers with 20 or more employees,
  • Phase 2: Single Touch Payroll will become mandatory for employers with 19 or less employees from 1 July 2019.

 

The ATO has announced special rules for STP micro employers (1-4 employees), to help them transition more easily into the new regime. Micro employers who engage a registered tax or BAS agent will be able to report quarterly for the first two years, rather than each time payroll is run.

Small employers can start reporting any time from the 1 July start date up to 30 September 2019. The ATO will also grant deferrals to any small employer who requests additional time to start reporting.

So how will it be different?

Previously, small businesses finalised their payroll records at the end of the financial year and produced a payment summary annual report for the ATO, outlining how much had been paid in salary or wages, the PAYG withheld, and any superannuation contributions they’d made along with a payment summary for each employee.

With Single Touch Payroll, the payment summary annual report and the payment summary will no longer exist. You will no longer need to send the ATO your annual report; simply advise them when you’ve made your last pay run of the financial year.

Similarly, you will no longer need to provide your employees with payment summaries. The STP will now be used by the ATO as the sole record of salary/wages, taxed and superannuation. Employees will be able to see their payment summary, which will now be called an ‘income statement’ by logging on to the myGov website.

When you start reporting

You will need to report your employees’ tax and super information, on or before each pay day, using your STP-enabled payroll software.

You will need to do a finalisation declaration at the end of the financial year. The information you report through STP will not be tax-ready for your employees or their registered tax agent until you make this declaration.

Superannuation will change as well. As an employer, you will now report your employees’ super liability information through STP. Super funds will then report to us once you have paid the super amount to your employees’ chosen fund.

It is your obligation as an employer to make sure employees know they will be reporting through STP. The ATO has issued a fact sheet for employees that you might want to share with your staff.

But I don’t use payroll software.

With many small businesses and other small employers not using commercial payroll software, the ATO has also advised they will not be required to purchase such software to report under STP. A list of software providers who have developed low and no-cost reporting solutions including simple payroll solutions, portals and mobile apps has been published at ato.gov.au/stpsolutions.

There will be no penalties for mistakes, missed or late reports for the first year, and the ATO will allow exemptions from STP reporting for employers experiencing hardship, or in areas with intermittent or no internet connection.

How can I get ready for the change?

  • Make sure you can submit compliant reports every payday.
  • If you use online payroll software, it should be able to manage STP – check it can produce ATO-compliant reports?
  • If you use desktop payroll software, you’ll need to look around for a service that can upload your payroll reports, convert them into the ATO’s required format and submit them on your behalf.
  • If you use spreadsheets or pen and paper, you’ll need to engage a service that will convert the data into a compliant digital report format and submit it on your behalf.

For more information about STP on 13 28 61 or at ato.gov.au/stp.

Edition one, 2019 of ASOFIA’s industry magazine “Interior Fitout” is out now. This edition features Decorative Finishes and Lighting, as well as Designers and an overview of the redevelopment of AMP’s Karrinyup Shopping Centre. In addition, you’ll find regular segments including industry news, retail news, “Your Business”, a showcase of New Members to ASOFIA and “Meet The Member”.

CLICK HERE to read the latest edition.