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Single Touch Payroll Deadline this 30 September!!!
Single Touch Payroll (STP) is a new electronic system where businesses report payroll details to the ATO. STP became compulsory for large employers from 1st July 2018 (20+ employees).
Small employers (less than 19 employees) were required to register from 1st July 2019. The ATO have been very kind and given these businesses an extension till 30th September 2019.
Reports are required to be lodged for each pay run and contain details such as salaries and wages, pay as you go (PAYG) withholding tax and superannuation.
This will see the end of payment summaries (formerly group certificates) at the end of the year. Employees will have their ‘Income Statements’ uploaded to MyGov and the ATO at least 14 days after 30 June each year.
Most accounting software packages can be set-up for STP. If employers are not already using a computerised system, they can select from many software providers on the market. There are many low-cost and even no-cost solutions. Once you are set up, the process is very easy.
Micro employers (1-4 employers) have the option to report quarterly through their Tax or BAS agent. This concession is transitional and will apply only to 30th June 2021. Businesses MUST register for this concession by 30th September 2019.
Closely held employers (employees are directly related) have a deferred start date of 1 July 2020. So, they don’t need to do anything yet.
Aspire Now can assist you with your STP obligations by helping you chose the right software solution and managing the implementation.
If you have any further questions or would like to book an appointment to discuss this further, please don’t hesitate to call me or the Aspire Now team on (07) 3899 8062 for assistance.
Aspire Now through its Tax Agent Partners – Acro Accounting & Advanced Accounting ensure you pay no more Tax than required in a compliant environment.
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Mr. Carlos Rodriguez -Principal at Aspire Now
For more inquires please contact:
T: (07) 3899 8062
M: 0411 153 784
Email: accounts@aspirenow.com.au
W: aspirenow.com.au