Single Touch Payroll – the time is now

The government in mid-February 2019 legislated to include Single Touch Payroll reporting to the ATO for all employers with less than 20 employees.

So, what is Single Touch Payroll?

Single Touch Payroll (STP) is effectively payroll in real time, in that, every time an employer pays an employee, all pay information is sent to the ATO. This is a huge shift from traditionally paper based reporting and the industry has quoted it to be ‘the biggest compliance undertaking since the GST’.

But Why?

By introducing this law, the government aims to reduce reporting burdens on employers and effectively make it harder for individuals claiming benefits which they are not entitled too.

What do I get from this?

STP will:

–          streamline business reporting to the ATO through the existing payroll process

–          eliminate annual PAYG withholding statements

–          reduce on-boarding activities – as tax file number declarations and super choice forms can be completed online via myGov

And the good news is, that the MYOB software that you are already using will automatically do this in the background, once you follow a few important set-up steps.
We are here to help

We have listed three options below to help you be compliant by 1 July 2019

1. Want us to show you how? We will be running a webinar to show employers how to become compliant on Wednesday 15 May 2019 at 2:30pm for a $55 fee, spaces are limited and all you have to do is email Daniele at admin@iqaccountants.com.au to lock in your spot.
2. Make a one-on-one appointment for us to walk you through We are happy to take you through how to be compliant for your business including establishing an AUSKey. The cost is $110 per hour for a time convenient to you. Please email Daniele at admin@iqaccountants.com.auto organise a booking.  The appointment can be in the office or via e-meeting.
3. DIY? We have previously published blogs and newsletters on this topic to assist. Please note that depending on your software, this will be slightly different. We would recommend becoming compliant by end of May 2019 to avoid the last minute rush.