Are You Single Touch Payroll Ready
Starting from the 1st July 2018, Single Touch Payroll became compulsory for any employer with 20 or more employees. By July 2019, it will be compulsory for all Australian businesses to report their payroll information using this new platform.
If you are confused about what this means for your business, or just need a hand getting started, we can help. As a certified Xero Adviser and Xero Silver Partner, we remain up to date with all the latest Xero products and are qualified to advise and assist you in getting everything in place to comply with the new changes. For those businesses using MYOB, we can assist also through our support as MYOB Partners.
By 1 July 2019 if you have 19 or fewer employees you will be required to report the following information through an STP ready software package:
payments to employees such as salaries and wages
pay as you go (PAYG) withholding
The way you pay your employees won't change, however you will be sending the ATO this information each time you pay them.
Note: if you have 1-4 employees there is an extension to 30 September 2019.
If you are a Xero user, to ensure compliance is met you will need to do the following:
Navigate to the “Pay Runs” screen in Xero
Follow the prompts at the top of the screen to “Get Started” and “Opt In” to STP
Contact the ATO to register yourself/company for STP by providing the Software ID
File your next posted pay run to the ATO by clicking the new “File” button (year to date information is automatically transmitted)
Contact us to tell us you have started using STP
If you are a MYOB user, contact us for assistance.
If you require our assistance in opting in for STP, schedule a telephone consultation with us for a one-off fee of $132.00 (incl GST). Please contact our office on (07) 3446 5906 to make a time.
Should you have any questions in relation to STP and what it means for your business, please do not hesitate to contact us on (07) 3446 5906 or via email.