Single Touch Payroll is coming. The biggest change to payroll reporting – ever! Are you ready and what do to about it?
SINGLE TOUCH PAYROLL – WHAT IS IT?
Single Touch Payroll is a new reporting regime being introduced by the Australian Taxation Office, for all business, come July 1, 2019.
Previously introduced July 1, 2018 for businesses employing more than 20 staff, the ATO have recently announced plans to implement the requirement for ALL businesses, from July 1, 2019.
WHAT DOES THIS MEAN FOR ME? I ONLY HAVE A FEW CASUAL STAFF…
Basically, if you employ staff and pay wages, you will need to report those wages via STP (Single Touch Payroll).
The procedure is quite seamless, depending on your software vendor, with most Australian accounting software companies already having an STP process in place for cloud STP lodgements.
Intuit, Xero, Reckon and MYOB all have solutions in place, but you must be on the latest versions with cloud access, to be able to lodge your STP files. Reckon Desktop users can also lodge STP using Reckon GovConnect cloud portal. Intuit, Xero and MYOB all lodge directly from the pay run, once setup.
SO HOW DO I GET SETUP AND DO I NEED ANY TRAINING?
The easiest way to ensure you are setup for Single Touch Payroll, is to discuss with one of our Consultants, or email email@example.com for a systems check.
You will need an Auskey, that is linked to your accounting software via the ATO Business Portal. This is not essential, but it will certainly pave the way for future online initiatives from the ATO and reporting bodies. We can also assist you in obtaining and installing your Auskey, and train you in the benefits of having access to your ATO Account, via the Business Portal.
WHAT IF MY SOFTWARE IS NOT COMPATIBLE WITH SINGLE TOUCH PAYROLL?
We have many proven and cost-effective upgrade paths for you, depending which vendor you are currently using and how old the software is. There may be existing upgrade paths, for which you are already paying, and we just need to upgrade the software. For others, we can convert many file types on to popular platforms such as Intuit QuickBooks Online and Xero.
TIME IS OF THE ESSENCE – DO NOT DELAY STP! YOU CAN START NOW!
With all of the other headaches you have to deal with at year end, don’t make STP another thing to be thrown on the pile. Act now whilst we have time! You can start uploading STP now to avoid the setup rush at year end.