From 1 July 2019, all employers will need to be reporting to the ATO using Single Touch Payroll.
Employers will need to report, salary, wages, PAYG withholding and superannuation to the ATO at the time you pay your employees.
The Single Touch Payroll reporting requirements will work hand-in-hand with the new provisions that will deny a deduction to employers for failing to report and pay PAYG withholding for their employee payments (see our separate article here).
What does this mean for my business?
If you employ staff, you will need to make sure you have systems in place to enable you to report your payroll information to the ATO every pay period. Generally, if you are using up-to-date accounting software, it should be able to comply with the STP requirements without too much additional effort. However, you should check this with your software provider.
How can we help?
We are conducting payroll health checks for businesses with employees. Please contact us today on (07) 56656469 if you would like us to review your payroll systems to ensure they will be compliant at 1 July 2019.
DISCLAIMER: The information in this article is general in nature and is not a substitute for professional advice. Accordingly, neither TJN Accountants nor any member or employee of TJN Accountants accepts any responsibility for any loss, however caused, as a result of reliance on this general information. We recommend that our formal advice be sought before acting in any of the areas. The article is issued as a helpful guide to clients and for their private information. Therefore it should be regarded as confidential and not be made available to any person without our consent,
Jeanette has over 20 years experience as an accountant in public practice. She is a Chartered Accountant, registered tax agent and accredited SMSF Association advisor. When she is not helping business owners grow their empires, you will likely find her out running on the trails or at the gym. Book in to see Jeanette today.
