If you employ people – even if it just yourself read this ….
I have written about this before, but single touch payroll (STP) has now arrived. STP is real time reporting where you report to the ATO the wages you pay to every employee as you pay them via your accounting or payroll software.
The ATO then sends the payslip to the individual’s mygov account and performs matching checks to ensure superannuation is paid on time. It will protect employees from dodgy employers that fail to pay their super, however it will take employers some time to get used to.
Single Touch Payroll is COMPULSORY for all wages (casual, holiday workers, part time or full time) paid to employees from 1 July 2019. Even if you are the only employee in your company you need to lodge electronically in real time via STP. Of course no-one should be paying anyone cash off the books.
STP does not apply to sole traders who just pay themselves.
If you are using software already such as Xero or MYOB they have the facilities within them to enable you to switch. However if you are not using accounting software then you need to get with the program.
If that is the case, please call me to discuss your software options.
Lindsay 0413 952 180