Single Touch Payroll is coming... Are you ready?
What is Single Touch Payroll (STP)?
STP will require you to have your payroll transaction data transferred to the ATO each time your employees are paid. Your payroll software solution or reporting system must be STP Compliant, so that each pay cycle you can report the following items to the ATO:
each employee’s name and tax file number (TFN)
gross amount paid
any superannuation guarantee obligations.
What do you need to do?
Our advice is to become STP ready now so you are prepared for 1st July 2019. The ATO has stated that no penalties will arise in the first year for mistakes, missed or late reports.
If you already use payroll software check to see if it is compliant with step by step instructions below, depending on your payroll software;
- Xero please click here
- MYOB please click here
- Quickbooks please click here
If your payroll system is still manual, it is now time to discuss and review your internal processes. The STP regime is mandatory for all employers by 1 July 2019. If you have 1-4 employees we can implement a low cost STP solution for you.
Please contact our office if you need to discuss your situation further, we are more than happy to help you through this change.
Have you seen our new WEALTH App?
Get your whole financial life in one place with BOUTIQUE WEALTH
Boutique Wealth is an easy to use app that gathers all your information in one place, giving you a clear overview of your wealth. Once you download the app, you can be connected to your finances in just minutes. And with bank level security, your data has never been safer.
What features are available with Boutique Wealth?
Give yourself greater control with up-to-date access to all your financial information, including all your assets and liabilities, bank accounts, credit cards, properties, cars, loans and mortgages.
Keep track of your cash flow with the auto categorisation of spending and expenses
Have a financial goal? Achieve it with our Goals feature, which helps you budget to reach it.
Make tax time easy with all your financial data and documents stored securely in the cloud.
So, take control of your finances and download the Boutique Wealth app today.
The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.