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Financial Expert Thomas Mousa Reminds Small Business Single Touch Payroll Legislated From July 2019
Single Touch Payroll Legislated From July 2019
The ATO sent letters to business owners inviting them to start reporting through Single Touch Payroll (STP) almost a year ago, but as of 1 July 2019, it will be legislation.
So, if you’re a small business owner with 19 employees or less and use payroll software you’re included.
Financial expert Thomas Mousa, director and partner at Sydney-based TLK Partners says “small business clients should speak with their accountants to ensure compliance and reach out to their software providers to ensure STP is available by the end of June.”
“Single Touch Payroll allows employers to notify the ATO of their employees’ superannuation and tax obligations each payday,” Mousa said.
“Employers can do this by using payroll or accounting software with the STP feature. Most packages have this feature available now,” Mousa continued.
Single Touch Payroll is streamlining the payroll reporting process while also ensuring that employers are compliant and paying superannuation and employee tax obligations on time.
The due dates for payment of PAYG Withholding Tax and superannuation will not change.
Mousa says, “A major benefit of the system removes the requirement to prepare Payment Summaries and the Annual Payment Summary Statements.
And, in the future, the ‘wages’ and ‘PAYG’ labels will be pre-filled in Business Activity Statements. That means less administration for you!” Mousa stated.
STP will also allow your employees to view their year-to-date tax and super information through the myGov website. They can also view their payment summary information at the end of the year there.
New employees will be able to lodge their Tax File Number Declaration and Super Choice Forms through STP.
From 1 July 2018, employers with 20 or more employees started reporting tax and superannuation information using STP.
Employers with 19 employees or less will also have to report using STP from 1 July 2019.
“TLK Partners keeps its clients up-to-date with a whole range of ATO related matters, an ensure compliance for them,” Mousa concludes.
TLK Partners Wealth Management Companies Kingsgrove, Beverly Hills | Tax Accountant & Agent | Property Advisers are financial management, retirement planning and wealth advisers serving enterprises and private individuals who hope to take care of their future through sound financial management. Visit their website or contact them at (02) 8090 4324 for an appointment to discuss your financial management and investment needs.
This material is of a general nature only, and it does not take into consideration your financial circumstances, needs or objectives. Before making any decision based on this content, you should assess your own circumstances, seek professional advice or contact our office to be directed to the appropriate professional. Whilst all care has been taken in presenting the material neither TLK Partners or its associated entities guarantee that the material is free of error and, the information may have changed since being published.
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The information contained in this article is based on the authors’ opinion only and is of a general nature which is not indicative of future results or events and does not consider your personal situation or particular needs. Professional advice should always be sought relevant to your circumstances.
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