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If you are an employer with 20 or more employees, from 1 July 2018 you will need to report your employee's payroll information to the ATO through Single Touch Payroll (STP). STP means that information such as wages, deductions, PAYG and superannuation will be immediately transmitted through to the ATO each time your run a payroll process. Not sure what you need to do to get ready?

Firstly, make sure you are on a current version of your bookkeeping or wages software. Providers such as Xero and MYOB will have the systems in place to ensure that you are compliant in meeting these obligations. Essentially, if you are still on an old desktop version of your software, NOW is the time to upgrade. Not only will this new software enable you to meet your STP obligations, you will also reap the benefits of such things as bank feeds, data matching and automated payments - you won't look back!

If you have 19 or fewer employees, you have another 12 months before STP is mandatory. You can certainly choose to report using this method earlier if your software allows - but there is no obligation to do so before 1 July 2019. 

For further information click here, or contact your accountant or bookkeeper who will be able to assist you.

General Advice

The information provided by Bentleys (Sunshine Coast) Pty Ltd does not constitute financial product advice and is for general information only. It is written without taking into account any individuals personal objectives, situation or needs, and is not intended as professional advice. Any person acting upon such information without receiving specific advice, does so entirely at their own risk. Please contact your Accountant to discuss your personal situation before relying on this information.