Single Touch Payroll – what Mount Gambier businesses need to know
From 1 July 2019, Mount Gambier business owners will need to report their employees’ pay, tax and super information directly to the Australian Tax Office via a new system known as Single Touch Payroll (STP).
This new system became law earlier this year and mandates all businesses use an electronic pay system before the start of 2020.
With its own team of payroll experts, Sinclair Wilson has been working with clients and Mount Gambier businesses to prepare them for this new way of working. Some of the questions being raised by Mount Gambier business owners raise important matters about the new STP system. Five of the most common questions – and their answers – are outlined below:
1. Single Touch Payroll means I have to get new software. What will that cost me?
That depends on the needs of your business and your capabilities. Our Accountants and payroll experts are very familiar with a wide range of software options – speak with your accountant directly about what will best suit you and your business, or contact our payroll team directly.
2. I think I have it under control… but how can I be sure?
If you have Single Touch Payroll sorted, that’s great. It’s still best to double-check it with your accountant as soon as possible though, just to be sure.
3. I know I have the right kind of software in place… I’m just not sure what to do with it. What now?
If you already have STP-compatible software, the process from here is straightforward. Contact your Sinclair Wilson advisor for information about how to proceed, and to be sure you’re ticking all the boxes you need to before you do your first STP pay-run.
4. I only have a few employees. I don’t need to worry about this, do I?
In short, YES. Small employers with 19 or less employees will need to report through STP from 1 July 2019.
Rest assured, the ATO is making allowances for businesses to transition from their current process to the new one. Your accountant or advisor can help step you through what these allowances are and if they apply to your situation.
5. This is too hard! Can you do it?
Again, YES. We have a complete team of payroll experts who undertake payroll duties for many other businesses, large and small. We can take care of the whole transition AND the regular payments via the new STP system. Talk to us to find out more.
Still have questions?
Sinclair Wilson has a team of experienced professionals who perform and oversee payroll duties for a wide range of businesses, large and small. We would welcome an opportunity to speak with you in-person about what your needs might be.
Contact us today to find out more.