STP Now Required for All Businesses as Legislation Passes | Smarter Accounts

February 13, 2019by Smarter Accounts0

It’s official, the bill to include employers with 19 or fewer employees in Single Touch Payroll reporting obligations was passed in parliament yesterday.

What this means to you? 

In July of 2018 employers with over 20 or more employees were required to commence Single Touch Payroll reporting but now employers with 19 or fewer employees will also have to report under the same STP rules from 1st July 2019.

In a promise to ease microbusinesses (businesses with only 1-4 employees) into the new method the ATO commissioner, Chris Jordan has stated that these businesses will not be forced into purchasing payroll software and a number of alternatives will be made available, including an option of allowing registered tax agents or BAS agents to report quarterly rather than each time they run payroll.  They have also suggested other exemptions to businesses who have no internet or an unreliable connection.

In preparation for this new reporting method the ATO published a list of suppliers who will provide a low-cost payroll/single touch payroll reporting software to microbusinesses, some as low as $10 per month (up to 4 employees).  Click here to view the list, our personal favourites are MYOB and Xero.   Unfortunately, this payroll solution is only available for businesses with 4 or less employees, check out MYOB/Xero’s websites for further details on their higher-level packages.

To find out more about Single Touch Payroll and your obligations visit the ATO website: More About Us

If all of the above sounds to confusing and a little scary then rest assured you can always put your payroll/bookkeeping in the hands of the professionals.  We’ll even provide the MYOB/Xero file for you and get it all set up.

Let’s face it, you’ve got more important things to do and after all it’s what we’re good at!

Get in touch with our team today

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