Are you single touch payroll ready

Are you a business owner with 20 employees or less?

Are you aware that single touch payroll will now become mandatory for all businesses with 20 employees or less as of the 1st of July, 2019.  Are you ready?

To become STP (Single Touch Payroll) compliant at the start of the new financial year, your current accounting system must have connectability to STP reporting with the ATO (Australian Taxation Office). This means that every time you process a payroll run, you will be reporting wages, PAYG and superannuation contributions to the ATO for that period.

It is recommended that businesses go through some checks beforehand to make sure you and your computer systems are ready to connect their payroll to STP and the ATO. 

Some of these checks might include;

• Making sure your employee details are current
• Make sure your payroll processes, rates of pay and payroll categories are all set up correctly before you report your first STP
• Informing your employees that as of the 1st of July 2019 all their payroll, PAYG and superannuation details will be reported and updated in their personal MyGov account at every payroll processed

Any business or “micro business” (1-4 employees) who are not currently running an STP compliant accounting system will need to set up and implement one for their business as soon as possible. 

Need help making these changes and to connect your accounting system to STP?, contact Perth Bookkeeping Services, we can help you.