Sinclair Wilson – helping Hamilton businesses prepare for Single Touch Payroll

Posted on 15/04/2019 by Sinclair Wilson in General News, Tax & Business Advice

From 1 July 2019, all Hamilton businesses will have to start reporting directly to the Australian Taxation Office their employees’ pay, tax and super information.

Known as Single Touch Payroll (STP), this new requirement is law as of March this year and will require all businesses to be using an electronic payroll system before the end of 2019.

With our own team of payroll experts, Sinclair Wilson is working with its own clients and other local businesses to ready them for this new requirement. While it’s been on the horizon for some time, the idea of transitioning to Single Touch Payroll still daunts some business owners, who have raised a number of questions as we have worked with them to ready their business for this new system before the 1 July deadline.

Some of the common questions we find businesses asking include:

1. How do I get started with STP?

First, you will need to have compliant payroll software as part of your daily business operations. If you’re not sure if what you have already is compliant, talk to us – we can ascertain very quickly if you’ve got the right software in place to comply.

If you don’t use electronic payroll software yet, it’s time to make the move. Again, our STP team can help step you through the process, in order to find a payroll option that best suits your business (and you!).

2. But I’m a small business – only a few employees. Does it apply to me?

Yes. Small employers with 19 or less employees will need to report via STP from 1 July 2019.  There is a gradual transition and exemptions from the ATO if necessary – best to speak with your Business Advisor to be clear about what might apply in your case. Otherwise, our STP team is across the requirements and can help.

3. I already have a payroll system in place. Can I keep that?

It depends on the system you use. Some are STP-compliant. Some are not. We can identify if your current system is right to continue using, OR if you need to implement something new or additional.

4. I don’t know if my software is compliant.

We can work this out simply and quickly. Get in touch with our STP team ASAP to see if your software is right to go as-is. 

5. What if my software isn’t suitable?

We can help. The most suitable software will depend on several factors – such as how many people you employ, your budget and the industry you work in. We have experts on-hand who will identify the best software to suit your needs and capabilities.

If you have been considering upgrading or changing your accounting and payroll software, now’s the time to do it. 

More questions? 

Sinclair Wilson’s Single Touch Payroll team is well-versed on how this new system will work, and what businesses need to do to comply. We can offer in-depth explanations and expertise if you need it, or, if you’re sure you have it all in-hand, provide reassurance that you have everything in place.

Get in touch with our STP team today if you have more questions, or want to find out more about what the change to Single Touch Payroll means.