Single Touch Payroll has arrived
The Single Touch Payroll deadline is here…
If you have employees you need to be Single Touch Payroll compliant
You have probably heard about Single Touch Payroll by now. It is a pretty big deal for any business that has employees. So…what do you need to know and how does it affect you?
What is Single Touch Payroll?
Single Touch Payroll (STP) is a new way to do your payroll reporting. The ATO has made it a legislative requirement that employers report all pay events. That means pay runs, including tax withheld on wages and superannuation amounts, will all be reported as they happen.
Lodging every pay event to the ATO means they will have up-to-date information in front of them, which makes data matching a lot easier. The ATO will be able to see if you are meeting your superannuation guarantee and PAYG withholding obligations. Put simply, the ATO will be able to crack down on business owners that aren’t doing the right thing.
Who does it affect?
STP affects every business with employees. If you employ staff, you need to be STP compliant.
When does STP start?
For businesses with 19 or less employees, the deadline was 30 September 2019. For those with 20 or more, reporting started from 1 July 2018. The time to act is now. STP is now in place and you need to make sure you are set up and reporting correctly.
What do I need to do?
The first step is to have a chat with us. As your business advisors, we are in the best position to help you with this.
Electronic payroll software is essential for STP reporting. If you are not currently using electronic payroll software, now is the time to get started. We can help you decide on the best and most cost-effective software to suit your needs.
So what’s next?
Talk to us today, don’t leave it any longer. We can help make the Single Touch Payroll process a whole lot smoother for your business.
We understand just how difficult it can be to employ and manage staff, as well as manage payroll. You don’t need the added stress of not being STP compliant.
Call 03 8850 3333 or email email@example.com to find out more.