Do you employ people? Yes?
Then you need to be ready for Single Touch Payroll!
By now you may have heard the buzz around Single Touch Payroll. Changes have come into effect, so time’s and act now! To find out what it is, how it will affect you, and what you need to do…
What is Single Touch Payroll?
Single Touch Payroll (STP) is a new way to do your payroll reporting. It came into effect from 1 July this year and reportings needs to be started from 30 September 2019. STP requires employers to report salaries and wages, PAYG withholding and superannuation to the ATO each time they pay their employees. Instead of reporting once at the end of a financial year, employers will now be required to send information to the ATO with every pay run. Lodging every pay event to the ATO means they’ll have up-to-date information, which makes data matching a lot easier.
Put simply, the ATO will be able to crack down on business owners who aren’t doing the right thing.
Does it affect me?
STP will impact every business with employees. If your business has less than 20 employees, you need to set up STP now so you are ready to start reporting to the ATO before 30 September 2019. If you have more than 20 employees, STP reporting has already started. We’ve created a simple flow chart, with built-in links to assist with determining your options for STP.
If you are a micro employer with 1 to 4 employee, some concessions are available for a limited time. Contact us for more information.
What do I need to do?
Electronic payroll software is essential for STP reporting. If you have a STP-ready software provider, they can tell you more about the next steps. If you don’t, we can help you set up the right solution for your business and get you up and running before the changes come into effect.
Why use Xero Payroll for STP?
Xero lets you file your pay runs with the ATO in a matter of clicks. It also brings a whole host of other benefits to your business by making paying your employees quick and easy. Here are just some of the features of Xero’s payroll software:
- Self-service for your employees
- Built-in timesheets
- Leave management
- Expense reimbursements
- Streamlined superannuation
- Flexible pay calendars
- Multiple pay rates
If you have between 1 and 4 employees, Xero has released a Payroll-only subscription so you can keep things simple and cost-effective, while ensuring ATO compliance.
How can SeaChange make the switch simple?
We understand how difficult it can be to employ and manage staff, as well as manage payroll. You don’t need the added stress of not being STP compliant. As a registered Tax Agent, we’re in the best position to help you with this.
If you’re still handling payroll manually, we can get you set up with Xero and then provide easy to understand training and support. If you’re using another desktop or cloud-based accounting software program that pales in comparison with Xero’s user-friendly platform, we can convert your business over so you don’t skip a beat.
Xero is offering subscriptions at half price for 6 months, until 30 September 2019, so now’s the time to act! Contact us today!