What is Single Touch Payroll?
Single Touch Payroll (STP) is a new regulation that changes when and how small businesses report payroll activity (wages, tax and superannuation) to the Australian Tax Office.
You used to report this payroll information to the ATO once a year. From July 2019 you are required to report this information after each pay day. And those reports must be submitted digitally, using a very specific format.
Does this affect you?
From 1st July 2019 all businesses paying salaries and wages must adopt STP. This includes owner operated businesses who pay themselves a wage.
How to do you do this?
By obtaining accounting software or upgrading your current product.
Whilst there are free alternatives on the market, we believe that small business owners are best served by obtaining an established software product. By using these products small business owners can rest easy knowing that their new reporting obligations can be met in a dependably using proven software products.
Do you require assistance to migrate to one of these accounting software products?
Whilst we are Xero partners and highly recommend Xero for all bookkeeping and accounting needs, including payroll, if you use MYOB or QuickBooks we can assist your transition to these products as well.
Our costs will vary dependent upon the size and nature of your business. See below for details of our costs which include set up and 2 hours training. Costs of the payroll software will vary depending upon your needs ($10-$60/month) and are additional to the GST inclusive costings below:
Contact us today to get Single Touch Payroll up and running in your business.