Is your business prepared for Single Touch Payroll? Discover how a Gold Coast payroll accountant can help you prepare your STP.
Single Touch Payroll is a federal government effort to simplify organisation reporting commitments, which will be mandatory from 1 July 2018. The payroll info will be sent out to the ATO from their payroll software when a business pays their workers. Coverage under the brand-new system gets rid of the demand to provide payment summaries, annual reports and also TFN declarations to the ATO. Throughout the very first year of its implementation, the ATO states companies will not be liable for a fine for a late STP report. To ensure you comply read the following key points.
- Businesses with 20 or even more staff members will have to begin reporting with Single Touch Payroll from 1 July 2018.
- Businesses will report wage or salaries, pay-as-you-go (PAYG) withholding as well as super details to the ATO when they pay their staff members.
- To establish if your business needs to report via Single Touch Payroll, companies will have to do a head count of their staff members on 1 April 2018.
- Payroll software programs will should be upgraded to support Single Touch Payroll.
- Businesses begin to report via Single Touch Pay-roll from 1 July 2017 if their software program is Single Touch Payroll ready.
- If you report payroll as well as super info to the ATO on behalf of customers with 20 or even more staff members, you need to be considering methods you could support those clients to report with Single Touch Payroll.
How Single Touch Payroll Function
Employees End of Financial Year Pay Info
If your business reports an employee’s details through Single Touch Payroll you will not have to provide that employee with a payment summary at the end of financial year. They won’t be required to provide the ATO with a payment summary annual report for those employee’s details also. Employers will need to notify the ATO when the payment summary data is considered final. The ATO will make that information available to employees and their tax professionals through myGov, and as pre-filled information in their tax return.
If you need help with your bookkeeping and payroll, New Wave Gold Coast Accountants and Bookkeepers can assist. We work with restaurants, cafes, construction and even retail with setting up an efficient and cost-effective payroll system.