Are you and your business ready for Single Touch Payroll?

Not sure what we are referring to?

STP or Single Touch Payroll is an Australian Tax Office initiative to encourage the frequent reporting of salaries and wages, PAYG withholding and superannuation. Every time a pay run is done to pay your employees, this is filed with the ATO.

There has been commentary around this being the biggest change since GST back in July 2000.

From 1 July 2018, STP was implemented for all employers with 20 or more employees.

From 1 July 2019, it will be mandatory for all Australian businesses. *

Experience tells us that we need to get onto this sooner, rather than later.

So how do you get ready?

Check to see if your software is STP compliant.

Most of the software providers have got an STP solution in place and it can be as easy as ticking a box, calling up the ATO or logging in to ATO Access Manager. If a tax agent or bookkeeper undertakes a pay event on behalf of an employer, they will need to have an STP engagement authority in place.

For others, it might mean the implementation of new software. Paper payroll records, excel spreadsheets and desktop based software are not compatible solutions under STP.

For employers with up to 4 employees, several of the providers have created standalone payroll solutions for $10 per month.

At CHN Partners, we can help with the implementation, set-up and training of STP for a fixed fee.

We will shortly be sending out invitations for an event in early May called “People – Your Greatest Asset or Your Biggest Risk”, where we will cover off on STP and other HR updates.

To secure your seat, click here

So, what next?

Contact your manager at CHN Partners and they will be able to get the ball rolling. We are here to make sure that the transition is seamless, and you can get back to doing what you do best – run a successful small business.

* for closely held businesses where payments are to family members only, there is a 12-month exemption on the implementation of STP

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