Your Geelong accountant for Single Touch Payroll adviceMay 30, 2019
Single Touch Payroll (STP) is a game changer that all businesses are having to integrate into their reporting systems.
Businesses with more than 20 employees already started down the STP compliance path last year, and from the start of July this year it becomes mandatory for all employers to follow suit.
At Geelong-based CD&G Accountants, we recognise that STP is the biggest change in reporting systems for businesses – whether they have four employees or 400 – since John Howard introduced the GST in 2000.
With STP, employers submit payroll information to the Australian Taxation Office when they do their weekly, fortnightly or monthly pay run, instead of reporting the data at the end of the financial year. STP information covers wages, PAYG withholding and superannuation.
While there is a wealth of STP software available to make this process a smooth one, it can still be confusing for employers trying to find the best approach to take for their business.
When it comes to Single Touch Payroll, your accountant in Geelong can help. Our experienced team at CD&G Accountants is happy to offer practical advice on these new reporting measures, helping your business to ensure it is fully compliant.
We can assist you to set up low-cost or no-cost Single Touch Payroll for MYOB, XERO and more. These reporting solutions are a great option for micro employers who have four or less staff.
The ATO has a register that covers a range of solutions, which can cost as little as $10 a month, to help business owners meet the new reporting requirements.
How your payroll information gets to the ATO comes down to the software you select. Some software will send it directly to the ATO, others may use a third party sending provider.
If you don’t think you’ll have your STP solution sorted by July 1, don’t stress. The ATO has said small employers who can start reporting by September 30 won’t have to seek permission for a deferral from authorities. But if you take longer than September’s end, you’ll need to put in an application for deferral or exemption.
If STP requirements have your head spinning, it’s time to talk to the professionals about the range of options including no-cost and low-cost ones. For advice on Single Touch Payroll Geelong accountants offer a wealth of practical knowledge to set you on the right path to integrating a solution that best works for you.
For more information, contact CD&G Accountants today.