Single Touch Payroll is coming for small businesses!
Big changes are coming to the way your small business reports its employee tax and super obligations to the ATO as of 1 July 2019.
What is Single Touch Payroll?
Single Touch Payroll (STP) requires employers send their employees' tax and super information to the ATO each time they run their payroll and pay their employees.
The new system was launched for employers with 20 or more employees last year but, following legislation passed on 12 February 2019, it has now been agreed that STP will apply to all smaller employers (those with less than 20 employees) from 1 July 2019.
No matter how few staff you employ (even one or two), the STP rules will still impact you, even if you don’t currently use a payroll software package.
Many of the assistance measures for small businesses are still lacking in specific detail and considering that the change comes into force in just a few months, if you are an affected employer – and remember every employer with less than 20 employees is affected – you should talk to your tax or BAS agent (like Talibell) now to get advice on your next move.
Ask a Talibell what you need to do to be ready for these changes.