The Backyard BBQ Advice: “Mate, the ATO & Single Touch Payroll? Got me stuffed so it’s into the too hard basket, all the same, what you gotta do is BLAH BLAH BLAH!”
You’re certain to hear a lot of different advice. A few simple steps upfront can start your business down the path toward success.
The ATO is warning employers with 20-plus staff you must be making preparations now for the impending rollout of Single Touch Payroll (STP).
- Is your current payroll STP compliant?
- Did you know a head count & registration is due on 1st April? (it’s not an April fool’s joke!!)
John Shepherd, the assistant commissioner of the ATO has been quoted as saying “Single Touch Payroll is a game-changer for both employers and the ATO. This will allow employers to be able to meet their reporting obligations to us using their own payroll or accounting software”.
For all businesses with 20 or more employees, STP will come into force from 1 July 2018.
The system requires:
- employers to report employee tax and super information through ATO-compliant payroll software.
- Liaison now with their existing software provider about when STP will be available, given that some providers have asked for more time
Small businesses with fewer than 20 employees have another year to prepare for the transition, which will take effect for them from 1 July 2019.
The ATO is advising businesses :- “Many employers will be able to update their existing payroll software to a version that is Single Touch Payroll ready. Employers with 20 or more employees who do not use payroll software will need to choose a product that offers STP by 1 July 2018.”
Need some help on this?
Did you know DGL can offer a suite of employment services?
- Payroll systems
- Payroll tax
- Fringe Benefits Tax
Give DGL a call to get organised and be ready!