How the New Single Touch Payroll (STP) Legislation Will Affect Your Business?
Payroll has gone through a significant legislation change in 2018; From the 1st of July 2018,
Employers with twenty or more employees will be reporting to the ATO through single touch payroll unless you have been granted a deferral. If you are using a payroll system, it may need to be upgraded to enable single touch reporting. Speak with your software provider for information about your ATO payroll. For companies with less than 20 employees, they have the option to report with single touch payroll. The legislation is before parliament to help extend one touch payroll for all employers from the start of the 2019 financial year.
The new change is now requiring businesses to share payroll information with the ATO as they pay their employees. These details include information such as salaries and wages, deductions, pay as you go, withholding and superannuation information, and deductions. With single touch reporting, the Australian Tax Office will have real-time visibility of business payments and processes.
Is your software ready for the change?
You may need to choose new payroll software if your current software does not offer single touch payroll reporting. Dynamics HR & Payroll can help assist with this change. With Single Touch Payroll, we can assist in transition with compliance with the new legislation from the ATO. We will provide expert knowledge to implement the best payroll solution as per your business needs. If you have implemented a cloud-based service you will have access to changes and upgrades which can be implemented online with ease. If you are using on-premise customizable solution even then we will provide support to all the changes required to remain in compliance with STP. Get in touch with us today if you have any concerns or queries about your payroll software capabilities.
For a more detailed view see link below for information about the ATO single touch payroll legislation. Visit the Australian Taxation Office Website.