If you own a small business, chances are you’ll be required to use Single Touch Payroll to report tax and Super information for all employees from July this year. But fear not, ITP is in your corner.
What is Single Touch Payroll (STP)?
This is a new method of reporting tax to the Australian Tax Office. This software will allow you to send the ATO your employee's tax and super information with each payment cycle. There is no need to change your pay cycle, the software will fit your schedule whether you pay your staff weekly, fortnightly or monthly. The report sent to the ATO will include all necessary information including salaries, wages, super information etc. Your employees will also be able to access their payment summary for the year through myGov. This means that you, as the employer, will no longer need to provide your employees with these payment summaries. Yet another big job off your plate.
When do I need to start reporting?
Small businesses, of less than 19 employees, will need to report their payroll via Single Touch by the beginning of this tax year, 1st July 2019. Larger companies with 20 or more employees should already be using STP. It is important to ensure that you are all set up in time for the next tax year, as you will be required to begin reporting your data as soon as possible. Ensuring you have this system in place will also make your next tax year significantly easier.
Is there an affordable solution for STP compliance?
Absolutely. ITP’s accounting software already incorporates Single Touch Payroll, which means we already have affordable business packages that can be tailored to suit any unique business needs. Customise your package, and book an appointment today to talk with an experienced tax consultant and let ITP sort your STP. Your nearest office is a click away.