Single Touch Payroll, is an ATO initiative that requires employers with 20 or more workers to report salaries and wages, PAYG withholding and superannuation to the ATO each time they pay their employees.
Instead of only reporting wage annually to the ATO you will now send electronic information to the ATO with every pay run.
For Xero users who joined from 1 July 2018, you will be happy to know Xero is ready for Single Touch Payroll! Their solution, endorsed by the ATO, will be immediately available to businesses.
For businesses that were on Xero before 1 July, STP will be rolled out to you between September and December. Xero will let you know when it’s time to make the switch. Businesses with Xero before 1 July are automatically covered by an ATO deferral. That means you can process payroll as usual and remain fully compliant.
For MYOB users using AccountRight or AccountRight Classic, you can simply update to AccountRight 2018.2. For AccountEdge users, MYOB has worked closely with the ATO to unsure you have a deferral in place until 31 May 2019. Any other MYOB system, call us for more information.
Don’t have Xero or MYOB? We are Gold Champion Xero Partners and migration specialists, and are a MYOB Connected Accounting Practice. Give us a call to find out how Xero or MYOB can help your business. We are here to make your transition painless. Don’t wait until the last minute – get in touch now.
Not sure if this affects you, read more about Single Touch Payroll on the ATO website or contact us at MBA.