On 12 February, the Parliament passed legislation to extend Single Touch Payroll (STP) reporting to include all small employers, those with 19 or less employees, from 1 July 2019. This legislation is awaiting royal assent. We understand this will be a big change, especially for small businesses.
This means STP is set to be rolled out in stages to smaller organisations with less than 20 employees as at 1 July 2019.
STP will require you to have your payroll transaction data transferred to the ATO each time your employees are paid. This may require you to use a software solution that will transmit the data to and from the ATO on your behalf.
Our advice is to become STP ready to avoid any fines or penalties in the future from the ATO. In the event that you need a solution or just want your system reviewed, we are happy to help by advising a cost effective solution.
For further details call Cohen & Krass or click on the link below.