Single Touch Payroll

The government has implemented a new legislative requirement for any business with 20 or more employees to now be registered for, and use Single Touch Payroll from 1 July 2018.

Many small business owners and their bookkeepers might still be a little unsure of about how it will work?

What needs to be reported?

• Salaries
• Wages
• Pay as you go withholding
• Superannuation

How do I count my employees?

To find out if you are applicable for Single Touch Payroll (STP) you will need have already completed a head count of staff on the 1 April 2018.

If your headcount totals 20 or more from that date, they you will need to report for Single Touch Payroll from 1 July 2018.

What if my headcount was less than 20 employees?

You will not need to begin Single Touch Payroll even if your numbers of staff increase in the 2018-19 financial year until the 1 July 2019.

If I have to start Single Touch Payroll from 1 July 2018? What now?

• Ensure that your payroll software provider is ready for the due date
• Keep informed and stay up to date
• Review your internal business processes, you might have to upgrade your software
• Aply for more time if you need to
• Review the Australian Taxation Office employer guidelines
• Update your software, and begin reporting to the Australian Taxation Office by the due dates

For more information click over to the ATO website Get Ready for Single Touch Payroll

Which Software and Who is ready for Single Touch Payroll?

Most of the major software providers are now ready for Single Touch Payroll in some form, here are the links to all the Australian major software players:

INTUIT | QUICKBOOKS SINGLE TOUCH PAYROLL

MYOB ADVANCED | WHAT IS SINGLE TOUCH PAYROLL

RECKON WEBINAR ON SINGLE TOUCH PAYROLL

XERO | SINGLE TOUCH PAYROLL

No youtube content as yet available but here is Xero’s advertisement page for Single Touch Payroll, sorted in seconds

Single Touch Payroll will evolve and get better over time

As a tax practitioner and one who works with the the Australian Taxation Office, I am going to be honest and state that there will be bugs, issues, failures and problems to solve over the next two years with this new system. As business owners and tax practitioners, we need to work together as a team to ensure we meet the new requirements as best as we can.

What software is the best for Single Touch Payroll?

This is not the right question to ask.

• What size and functions does your organisation require?
• To learn a new software is difficult, can you simply upgrade from your desktop version to an online one?
• What addon will you require  to streamline your staffing processes?

As a business owner or bookkeeper, it is important you match the best solution for the organisation and/or business.

If you need to know more, here are some helpful links:

TAX PRACTITIONERS

Single Touch Payroll Community (Australian Taxation Office)

Get ready for Single Touch Payroll 

Tax Professionals Newsroom

Are clients ready for Single Touch Payroll

The Institute of Certified Bookkeepers – Single Touch Payroll Reference page

BUSINESS OWNERS

About Single Touch Payroll 

Time for employers to get ready for Single Touch Payroll

MYOB is Single Touch Payroll Ready

Reckon What is Single Touch Payroll

Quickbooks | Keypay Get Ready for Single Touch Payroll Guide

Xero Single Touch Payroll sorted in seconds

Want to know more?

Contact Amanda on 0423 463 721

Amanda

Amanda Hoffmann is a registered BAS Agent No.18613005, Associate of Finance, Xero & Myob Certified Consultant, a Queensland’s Quickbooks Trainer and works with the ATO on their advisory boards.

She says she is more than just a bookkeeper with experience in real estate investing, social media, podcasting, public speaking and blogging.

Amanda would love to train you to use accounting software, if you need help fixing a messy account or general assistance with automating your administrative duties to save time and money.