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With the 30 September reporting deadline looming, don't get left behind

Single Touch Payroll (STP) is a new way of reporting tax and superannuation information to the ATO.  With STP you report employees' payroll information – such as salaries and wages, pay as you go (PAYG) withholding and super – to the ATO each time you pay salaries through STP-enabled software.

For small business employers, with 19 or less employees, you need to report through STP before 30th September 2019.

The ATO advises that 400,000 small business are now reporting under the new regime, however, with an estimated 750,000 small business population, this leaves a huge number still to start reporting.

There are three pathways to start STP reporting. Depending on your circumstances, you either need to:

It’s important to engage with the ATO before 30 September, even if it’s to ask for more time.

After September 30, small employers which haven’t signed up for STP reporting, or have no withstanding deferral or exemption, will begin being contacted by the ATO, although there will be no penalties for the first 12 months for-non compliance.

If you have 'closely held employees' (a family member of a business, Director or shareholder of a company or beneficiary of a trust), you do not need to report these payees through STP in the 2019/20 financial year and you will not need to apply for this first year exemption. However, all other employees must be reported through STP.

From the 1st July 2020 you will have the option to report closely held payees’ information quarterly through STP at the same time as your activity statement.

Call in at your local TaxAssist Accountants for help and advice for you and your business.

Call us today to make an appointment with your local office

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1300 448 303

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