This video applies to any business with 19 or less employees that pay closely held payees and who are obligated to commence reporting STP events for closely held employees from 1 July 2021.
A closely held employee (payee) is one who is not "at arm’s length". This means they are directly related to the entity from which they receive payments. Examples include:
- family members of a family business;
- directors or shareholders of a company;
- beneficiaries of a trust.
For a detailed article on managing closely held employees, click here.