As I’ve mentioned recently, single touch payroll (STP) is going to be brilliant for the Australian small business landscape. Not only will it force employers to cover off on their key financial obligations, but the information flowing to small business advisors and the government organisations is going to be far more timely.
We can now report – it’s officially here – businesses that have 19 or less employees will need to make the switch to STP.
The new Bill, which has just been passed through Senate, means ALL businesses will need to be utilising single touch payroll regardless of the number of employees.
The effective date for micro businesses will be 1 July 2019.
STP was officially rolled out for employers with 20 or more employees from 1 July 2018.
What do you need to do?
To gain a better understanding of what single touch payroll is, please click here.
The ATO have outlined a number of low-cost single touch payroll solutions. Many of these solutions will cost less than $10 per month.
The Tax Champions at Paris Financial are equipped with our own knowledge and some sensational bookkeepers to assist your business in this transition. If you would like some advice and help, contact us on (03) 8393 1000.