Two weeks to go – Are you STP Ready?

Single Touch Payroll

Did you read our blog ‘So what is STP anyway, and do I need to comply’ back in March? We are back again to remind you that STP is now only 2 weeks away and it’s time to get cracking if you are not yet STP ready!

For those that don’t know, Single Touch Payroll (STP) is a new way of reporting tax and super information to the ATO and it is changing the way employers report PAYG and Super to the ATO. Businesses with 20 or more employees are already required to report their PAYG and Super information with every pay run, but from 1 July 2019 small employers with 19 or less employees will need to report through STP too. Compliance is mandatory and you are obligated to be ready by the cut-off.

STP works by sending tax and super information from your payroll or accounting software to the ATO as you run your payroll. The best bit? Your accounting software will do almost all the work for you. Not sure if your software is STP ready? Check in with Us, we can help you choose a payroll software that is STP enabled to allow you to ensure you are compliant.

Remember there is only just under 4 weeks to go! To learn more about single touch payroll contact JSM Accounting Group on 1800 CALL JSM or visit us online at www.jsmaccounting.com.au and we will help take the sting out of STP for your business.

References:

ATO Video On STP
http://publish.viostream.com/player/iframe/bi9or7onmgq1cj

Single Touch Payroll
https://www.ato.gov.au/Business/Single-Touch-Payroll/

Xero & STP
https://www.xero.com/au/campaigns/single-touch-payroll/