If you pay wages, are you Single Touch Payroll ready?
We’re here to help!
All businesses with one or more employees, no matter the size, must report their employees’ tax and super information to the ATO through a digital reporting system known as Single Touch Payroll (“STP”), reporting from 1 July 2019.
Recording from our STP webinar on Thursday 21st March, 2019
STP effectively changes the way employers report their employees’ tax & superannuation information to the ATO. From 1 July 2019, employers are required to electronically send all employees’ tax and superannuation information to the ATO each time there is a ‘Pay Event’ (each time employees and superannuation contributions are paid).
According to the ATO, there are approximately 90,000 micro-businesses who don’t use any software to operate. Because of this, experts are comparing this legislation to that of when GST was first implemented.
Larger employers, those with 20 or more employees, have already been using this system for a year and this ultimately brings all employers into the same reporting requirements. Reporting digitally will also save you time reconciling wages and reduces other reporting requirements currently in place.
For your employees, they will be able to easily access their information, normally detailed on their payment summary, by logging into their myGov account.
Overall, STP is simple and will simplify processes but it needs preparation.
There are a range of options available to businesses of all sizes. Major accounting software providers (including Xero & MYOB), have developed solutions and have rolled out offerings to meet STP requirements while taking into consideration the needs of small to micro-businesses.
Not sure of what to do? Contact pmwPartners and we’ll get you STP ready.
Want to know more?
Visit the ATO website links below for further information about Single Touch Payroll.
Already registered for automated payroll?
You’re half way there! Contact your pmwPartners Customer Relations Manager to get you STP ready.