09 Apr Single Touch Payroll – Around the Corner
Single Touch Payroll Roll Out to Employers with less than 20 employees
Legislation to extend Single Touch Payroll to include employers with 19 or less employees has now been passed.
From 1 July 2019, all employers, regardless of the number of employees, will need to start reporting to the ATO.
Under STP (Single Touch Payroll), employers report their wages, PAYGW and superannuation contribution information to the ATO after every pay run.
The ATO will use this information to prefill your BAS with the W1 and W2 information in the future. Using this information the ATO will phase out the requirement to prepare payment summaries for employees at year end.
If you are currently using an online accounting software package, this will probably be already implemented and STP compliant. Check you software package. If you require any assistance in the setup ready for 1 July 2019, please contact us and we can help the process.
If you do not currently use an online accounting software package, maybe it is time to consider moving.
The ATO has advised the micro-employers (those with 1 – 4 employees) will be allowed to rely on a registered tax or BAS agent to report quarterly on your behalf for the first two years, rather than each time a pay run is processed. The ATO has not yet provided details of exactly how this will work.
Give us a call if you require any help.