As you may be aware, Single Touch Payroll (STP) was a reporting change for employers with 20 or more employees that was implemented from 1 July 2018. There was talk of it being introduced for all businesses with 1 or more employees. That time has now arrived and it will become effective for all employers from 1 July 2019.
STP requires employers to send employee payment information through to the ATO each time they pay their employees. This information will include salaries and wages, wages tax and super.
Employers who use cloud or payroll programs such as Xero and MYOB will be at an advantage come 1 July 2019. Those employers who are still desktop or paper based will need to think a bit more about how they will meet these new reporting requirements.
With only six months to go, it is best to start planning now!
To find out more about STP and your next steps, please don't hesitate in contacting the staff at Summers and Summers.