On the global front, growing concerns about a slowdown in economic growth preoccupied financial markets in March. The US Federal Reserve now forecasts no rate rises in 2019 instead of the two it previously planned. US 10 year government bond yields fell below three month yields on the news. This ‘inverted’ yield curve is viewed by markets as an historical predictor of recession.
In Australia, economic growth slowed to 0.2% in the December quarter, for an annual rate of 2.3%. This was reflected in the more cautious mood of business and consumers. Both the weekly ANZ Roy Morgan consumer confidence rating and the monthly Westpac Melbourne Institute survey of consumer sentiment fell below their long term average in March.
Over the last 18 months we have been bringing information and reminders to you about STP for all employers.
STP is a payday reporting arrangement where employers need to send tax and superannuation information to the ATO from their payroll or accounting software each time they pay their employees.
In less than three months these requirements will be compulsory for all employers, regardless of whether you have one employee or 50 employees. Please don’t hesitate to call us if you have any questions. Ask for Kieren Henderson on 03 5443 0344.
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