With the recent updates to single touch payroll, there's even more industry obligations that business owners have to keep up with to remain compliant. Our payroll experts can help! Read on to find out.
By now you may have heard about Single Touch Payroll (STP) and the frustrating additional reporting burden it is set to add to business owners. From 1st July 2019 all Australian businesses (irrespective of size) will be required to report information regarding salaries and wages, PAYG and superannuation to the ATO at the time of payment, every time a payment is made. Failure to comply may result in various fees and penalties.
STP is a reporting change for employers. It started on 1st July 2018 for employers with 20 or more employees. You will report payments such as salaries and wages, PAYG withholding and superannuation information from your payroll solution each time you pay your employees. STP
will be expanded to include employers with 19 or less employees from 1st July 2019.
To assist you with this transition, we are offering to review and configure your accounting software so that come 1st July 2019, you are able to comply with the reporting obligations.
We will provide you with a guide on how to meet your ongoing STP requirements following the initial configuration (if you’re a client nothing to do as we take care of it)
If you do not currently have suitable accounting software, we can set up a simple Xero file which will allow you to comply for a software cost of as little as $10 per month.
Our team also conducts small payroll training sessions to help business owners with payroll training and understanding their obligations in a field which is increasing in complexity if this is of interest.
If we can be of assistance, please let us know as soon as possible so that we can avoid the last minute rush to ensure you are compliant by the due date.
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