Are you ready for Single Touch Payroll?
New laws for Tax Automation (Single Touch Payroll) here now! Are you ready?
Single Touch Payroll (STP) is a new and innovative way to report tax and super information to the Australian Taxation Office each pay cycle. Using your accounting and payroll software this automated STP option is efficient in keeping all information correct and up to date.
We can help make sure your accounting software is ready for single touch payroll. Here's how we can help you-
- We can explain the process and changes with you and decide whether using your software or our services to completely take care of this for you is the best option.
- Choose your Single Touch Payroll option dependent on the amount of employees.
- Using your accounting software we can contact your provider for an update including STP or this additional service.
- Talk to the necessary staff about STP and the changes ahead.
- Ensure you are paying employees correctly, super entitlements are calculated correctly, and you are keeping accurate and up to date employee information.
- Ensuring you understand the Single Touch Payroll employer reporting guidelines.
(STP) Single Touch Payroll is here now. Are Your Ready?
Getting ready for single touch payroll - Checklist
It is important to understand that Single Touch Payroll is expected to begin July 1st 2019 as a requirement of the Australian Taxation Office and if an extension is required we can assist you in applying for this and getting you ready for the new changes.
- Contacting your software provider so that they can inform you when the Single Touch Payroll option is available to utilise.
- Connecting with the Australian Taxation Office to ensure the ATO has the correct contact details for your business.
- Reviewing your business processes to ensure your employee information is correct and up to date prior to your start date with STP.
- Remembering to apply for more time if needed through the ATO.
What you will need to know
Bookkeeping Concepts understand these changes can be quite daunting and offer training options if required for you and your payroll employees. We also offer to be your registered third party payroll and STP agents to make this process easier for you and your business to ensure a stress free new financial year.
- All pay cycles must be submitted to the ATO.
- You are required to add your software ID to the ATO's Access Manager.
- The YTD- Year to date pay values is submitted to the ATO each pay cycle.
- The correct STP classification must be selected.
- Only staff receiving pay during the cycle must be reported.
- Using a termination button must be used prior to submitting a report if an employee is receiving their final pay from your business.
- You will be able to access a summary on the ATO's Business Portal.
Contact us now for a free (STP) Single Touch Payroll Information Meeting
