Are you ready for Single Touch Payroll?
Do you have employees? Then you need to be ready for Single Touch Payroll!
By now you may have heard the buzz around Single Touch Payroll. It’s a pretty big deal for any business that has employees. So…what do you need to know and how does it affect you? Keep reading to find out.
What is Single Touch Payroll?
Single Touch Payroll (STP) is a new way to do your payroll reporting. The ATO has made it a legislative requirement that employers report all pay events.
Who does it affect?
STP affects every business with employees. If you employ staff, you need to chat with us today.
When does STP start?
For businesses with less than 20 employees, it comes into effect from 1 July 2019.
For those with 20 or more, reporting started from 1 July 2018.
The time to act is now. There’s not long before STP comes into place and you need to make sure you’re set up and ready to report, and you don’t have to wait until 1 July 2019 to start reporting STP.
What do I need to do?
The first step is to have a chat with us. As a registered tax agent, we’re in the best position to help you with this.
Electronic payroll software is essential for STP reporting. If you’re not currently using electronic payroll software, now is the time to get started. We can help you decide on the best and most cost-effective software to suit your needs.
So what’s next?
Talk to us today, don’t leave it any longer! We can help make the Single Touch Payroll process a whole lot smoother for your business.