April 11, 2019

Single Touch Payroll – Are you ready?

With the Single Touch Payroll (STP) deadline for small employers getting closer by the day (1 July 2019), it’s time to ensure you are STP ready. Large employers with 20 or more employees should already be reporting through STP.

Most accounting software packages which include payroll, have incorporated the STP reporting and generally the STP reporting will just be an additional step in the payroll process. The STP reporting occurs with each payroll whether weekly, fortnightly or monthly.

You will need to ensure you are STP ready. Each software has different processes for set up and verification of the data set up.  Please ensure you have done this prior to 1 July 2019. If you use the services of a bookkeeper, check with them or contact us if you have any concerns.

Both MYOB and XERO are offering new, low cost, simple solutions to their software ranges which are perfect for clients who need to meet their STP obligations but don’t want a full accounting solution. These software packages, for a maximum of four employees, start from as low as $10.00 per month. Please contact us if you would like to take up this offer.

The ATO have detailed STP employer guidelines to help you understand all the requirements of STP. This includes what you need to report, how to make corrections and finalising your STP data. https://www.ato.gov.au/Business/Single-Touch-Payroll/In-detail/Single-Touch-Payroll-employer-reporting-guidelines/

Please contact us if you have any queries in relation to the above.

Kind regards,
Toby Barber
Synergstic Business Partners

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