Business Alert at 9:00am With CVA – Single Touch Payroll, are you ready?
Single Touch Payroll is also called real-time payroll reporting because it means every time a business pays their workers, all salary information is sent to the ATO. This includes wages, deductions and super information. This real-time reporting is generally done through accounting software platforms such as MYOB, Xero or Quickbooks.
The ATO has said about 730,000 businesses will need to start doing STP reporting under the changes; there are about 45,000 businesses currently doing STP reporting after it became a requirement for businesses with more than 19 workers in July 2018.
There’s no shortage of concerns about the extension of STP reporting to smaller employers. Worries range from businesses not being aware of the changes to micro-employers (four or fewer workers) not having digital payroll software or access to reliable internet.
Digital payroll software, makes STP reporting simple and straight forward. Unfortunately if you’re not reporting correctly, it will increase the risk of your business and increase the risk of potential audit activity. Therefore we urge everyone to contact us and get up to date as soon as possible. You’re not alone.
There will be more Business Alerts relating to STP in the coming months but if you would like more information now, call us on 07 4688 2500. We can get you ready now to ensure a smooth transition later.