In this short blog, CTBS Director Tim Wilshire shares why every North Brisbane small business needs Single Touch Payroll (STP) in 2019 – and 3 easy steps to get ready for this change!
What is Single Touch Payroll?
Single Touch Payroll is a Government initiative that will change the way you report on your payroll to the ATO from 1 July 2019 for all small business employers with less than 20 employees. If you have more than 20 – you should have started the process already.
Under Single Touch Payroll (STP) businesses will report on salary or wages, pay as you go (PAYG) withholding and superannuation directly to the Australian Taxation Office (ATO), electronically, and at the same time as you pay your employees.
This new streamlined reporting to the ATO will make it easier for you to meet your payroll processing obligations.
3 Key Steps to be STP Ready
1. Does your payroll software support STP reporting? If you are unsure, contact us immediately and we can help you review your business accounting and payroll systems.
2. When do you need to start reporting using STP? If on 1 April 2018 you had 20 or more employees, STP is mandatory from 1 July 2018. For businesses with 19 or less your deadline for mandatory reporting is 1 July 2019, however you can opt in for it now.
3. Is your payroll team aware of these new changes, and your employee data up to date and accurate? You don’t want to start using STP with inaccurate employee information – ask your employees to confirm all the personal details you hold on file for them.
CTBS can deliver you expert knowledge and guidance across a broad spectrum of business needs. We provide services in Asset Protection, SMSF Establishment and Advice, Financing, Business Advice & Compliance, Tax Planning and Restructuring.
Whether it be a service directly offered or a referred service such as legal advice, the team at CTBS will be able to provide a solution for your business. Call CTBS today or submit an online enquiry here.