Are You Single Touch Payroll Ready?
BUSINESSES WITH EMPLOYEES
As of 1 July this year, employers with any number of staff will need to report payments such as wages, PAYG withholding and super information electronically to the ATO.
This will be done directly from your payroll software at the same time you pay your employees (this may be weekly, fortnightly or monthly depending on your regular payrun). The way you pay your employees won’t change.
For business owners already using online accounting software with payroll, STP won’t be a problem. MYOB, XERO and QuickBooks are some of the STP ready software.
For business owners’ still processing pay through spreadsheets and paper files, attempting to complete this regular reporting will become incredibly complex without the transition to payroll software or help of your accountant.
At the end of each financial year, employers won’t need to complete payment summaries for their employees as the payroll information will already have been reported to the ATO at regular intervals during the year.
GET READY FOR THE SWITCH
Manual payroll solutions are cumbersome and risk containing errors of calculation and book keeping.
Why not use the introduction of STP as your reason to enjoy the gains in efficiency and accuracy offered by online accounting and payroll software.
For micro employers (with 1 – 4 employees) both MYOB and XERO will offer low cost STP enabled solutions (price expected to be around $10 per month for MYOB and $29 per month for XERO).
Bosco can help you choose a solution that is right for you and your business based on your particular circumstances. Call our office on 4421 6500.
If you’re currently using STP ready software… you simply need to set up payroll reporting and you’re ready to go. The following links will get you started.
For MYOB Essentials
For MYOB Account Right (it’s important that you’ve upgraded to the latest version)
If you need assistance with the initial set up, contact us and we can offer services to get your particular software up and running for STP.