05/03/2019

Single-Touch-Payroll (STP)

STP For Small Business

Most recently new legislation has been introduced relating to payroll which will impact small to medium businesses. Due to come into effect 1st of July this year if you run your own business it is important to be prepared.

Regardless of your business size or number of employees as of 1 July you will need to lodge all payroll information, including salaries, tax and super information to the ATO each time you complete a pay run.

Having the right systems in place and team to help you implement and manage these is the key in ensuring you meet the new legislative requirements, allowing for a seamless and efficient process so you can continue to focus on what keeps your business ticking.

For an estimated 90,000 business who don’t operate a payroll application, this means higher compliance costs with them now requiring to obtain appropriate software to calculate and lodge payroll information. Using Excel will no longer will acceptable according to the ATO.

So what do I do if I am a small business now impacted by STP;

1.       Contact your accountant or bookkeeper

2.       Decide on a compliant payroll software

3.       Setup and commence using an application for payroll

We understand the rising costs of compliance and as a result can help you with low-cost payroll software, setting it up so that it is seamless and even look after your payroll needs. If you need help, get in contact with us for a free chat and see how we can help you direct you down the right path.

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Posted in: Bookkeeping