Get Ready for Single Touch Payroll From 1st June – 2018
From 1st July 2018 all employers with 20 or more employees must be using Single Touch Payroll (STP).
Under this new ATO system employers will be required to report to the ATO payments such as salaries and wages, pay as you go (PAYG) withholding and superannuation guarantee information from your payroll software solution each and every time you pay your employees. Hopefully your existing payroll software provider may already be STP ready, however it is important to check that it is set up correctly well before 30th June, 2018. Here are some steps you should consider:
- Do a headcount of your employees to find out if you had 20 or more on 1st April, 2018
- If you have payroll software: talk to your provider to find out how and when your product will be ready
- If you don’t have software: choose a product that offers STP. (We can give you advice on choosing a product that suits your business needs.)
- Update your payroll software to a version that supports STP.
- Ensure that you understand how the software works and what you have to do.
We have attached an ATO and MYOB information bulletin to this advice for your information, however If you are unsure or would like our help to check if you will be ready come 1st July 2018, please do not hesitate to contact us for an assessment
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