Legislation to extend Single Touch Payroll to employers with 19 or less employees was passed by parliament today. The reforms come into effect from 1 July 2019 and will impact about 780,000 smaller employers.
The Australian Taxation Office is writing to 300,000 employers this month to tell them to “Start Single Touch Payroll (STP) reporting now”.
The Australian Taxation Office will write to smaller employers in November encouraging them to start Single Touch Payroll reporting. If their payroll software offers STP they can update and start reporting now.
40,000 employers have commenced Single Touch Payroll reporting. Whilst this represents the majority of businesses with 20 or more staff, it still leaves a large number yet to meet their compliance obligations.
Alarmingly only 5% of advisors have raised Single Touch Payroll with their clients. Medium businesses in particular rely on their accountant or business advisor to keep them on top of compliance requirements.
If you haven’t already, mark 1 April 2018 in your diary. This is the date stipulated by the Australian Taxation Office to count the employees on your payroll. Find out who you need to include in your headcount.
Despite the looming Single Touch Payroll deadline, only 25% of accountants’ clients are ready. Hear thoughts and insights in this recorded interview with experts from the ATO and Chartered Accountants.
The Australian Taxation Office has confirmed Attaché Payroll is “STP-compliant” and ready for client rollout. Attaché is the first independent payroll solution provider to reach this key milestone.
There are four options to meet your Single Touch Payroll reporting obligations. Regardless of which you choose, the Australian Taxation Office compliance deadline is 1 July 2018.