How single touch payroll will impact on your business

Single touch payroll (STP) has been called the “biggest disruptor to business since the GST”. Here we look at what it is and how it works

What is single touch payroll

From 1 July 2019 all businesses will have to report details of payroll to the ATO every pay electronically

If you do not have compliant software you will have to upgrade your current software or look at other compliant software

The ATO has also announced it will be using the information collected to monitor superannuation compliance

What you need to do now

Check if your software is compliant

Xero MYOB Account Right v18. 4 and quickbooks online are all compliant

Xero and others have announced they will be releasing software aimed at small employers who may not currently have software

Make sure your Super and PAYG obligations are up to date

The ATO has been open has been open about using the new reporting regime to ensure employers are up to date with both their Super and tax obligations.

Communicate with your staff

Staff will no longer receive payg summaries. They will be able to access up to date information from mygov and should be advised to do this

Like to know more

At Stellar Profits we want to help small business owners focus on their business and growth. If you would like to know more sign up for our STP newsletter and more here


Leave a Reply

Required fields are marked *.