This follows on from BLG’s previous blog Single Touch Payroll In Practice written by my knowledgeable BLG colleague Adam Birrer, which provides more information about STP and details on how to implement it for your business.
As the move to real-time digital reporting may be a big change for employers, in particular small businesses, the ATO is adopting a supportive approach to enable an easier transition across to STP.
With many small businesses not currently using commercial payroll software, the ATO has stated small employers will not be required to purchase this particular software for STP reporting. However, there will be some no-cost or low-cost reporting solutions available to use including simple payroll solutions, portals and mobile apps. You can review the list of providers on the ATO website here.
If you currently use commercial payroll software, setting it up for STP is relatively easy. Should you need assistance in setting up the system, our team at BLG is happy to assist you. Once this is up and running, it is a matter of lodging the required information to the ATO to remain compliant.
There is help to transition to STP and the ATO have a number of alternative options to assist:
As with any new business systems or requirements it is important they are implemented correctly. If you aren’t sure how to proceed with Single Touch Payroll or have some questions, make sure you get in touch with our team at BLG Business Advisers online or by calling (02) 4229 2211.