Are you ready for single touch payroll?
The payment of staff wages and the reporting required is changing. Are you ready?
Single touch payroll reporting will soon be mandatory. If you have 20 or more employees you will need to move to single touch payroll ("STP") compliant software before 1 July 2018.
The major accounting software companies have all released new versions of software to assist in the readiness for the 1 July 2018 deadline for those employers that have >19 employees. Small businesses with fewer than 19 employees will need to be ready for 1 July 2019!
"Is my accounting software STP compliant?".
Perform a Head Count of your Employees:
In order to determine whether or not you are required to comply with the new legislation and STP requirements you will need to perform a head count of the employees that you had in your business on 1 April 2018.
The easiest way to do this is to prepare a report on the pay run date closest to this date and count the number of employees that you paid. In any event you will need to be ready for this on 1 July 2019 so why not be ready now?
We recommend that you review your current accounting software to make sure that it is STp compliant and if not that you contact us so that we can assist you in being prepared for the deadline.
If you need Ezetax to help you with setting up your MYOB, Xero, QuickBooks or being ready for the STP reporting requirements with the ATO, book a meeting with one of our team members via our website.