Is Your Business Single Touch Payroll Ready?

Is your business Single Touch Payroll ready? From 1 July 2018, employers with 20+ employees will be required to be single touch payroll ready to electronically report payments for wages, pay as you go (PAYG) withholding and superannuation from their payroll software each time they pay their employees.

From 1 July 2019, Single Touch Payroll (STP) will be expanded to include employers with 19 or less employees. Subject to legislation being passed in parliment.

It’s time to start thinking about the impacts Single Touch Payroll will have on your business. Start by doing an employee headcount – further information on how to count your employees is available.

Ensure your business is Single Touch Payroll ready from 1 July 2018 for businesses with 20 or more employees.

The team at Bosco Accounting can assist you in finding an easy to use solution to make the transition as smooth as possible. All of MYOB’s payroll enabled software will be compliant before the mandatory reporting date. XERO will be STP compliant and provide another simple way to meet your tax requirements each pay cycle.