Update on the Period of STP Reporting
On Tuesday 12th February 2019 the extension to the Single Touch Payroll (STP) Bill was passed by the government. The result of which now requires all Australian businesses will be required to comply with STP reporting from July 1, 2019.
What is STP Reporting?
For those who have missed it, STP requires employers to send data to the ATO each time a pay run is processed for employees. This should be a simple process but does require the business to use payroll software that is compliant with STP and has been set up correctly for STP. Businesses that are already using the current versions of popular accounting software should have little to do beyond the initial setup process and adjustment to the new process. Those who aren’t will have much more to do and should seek advice sooner rather than later.
Official Start Period of STP Reporting
Recognising the limited time left to the official start date, small business has been given a reprieve and will be able to start reporting anytime between 1 July and 30 September 2019. This change will give businesses an additional 3 months to ensure their systems and processes have been implemented.
Latest Changes and Requirements
In addition to the information and updates already provided about the changes to STP, we have simplified the latest changes and requirements below for you:
- Micro employers (1-4 employees) will have time to transition and your Accountant will be able to report quarterly for the first two years. The ATO is working with software providers to develop low and no-cost reporting solutions for these with 1-4 employees (Low-cost Single Touch Payroll solutions).
- Small employers (5-19 employees) will be given a grace period of until 30 September 2019 to be submitting live pay data.
- Deferrals and exceptions are available for employers experiencing hardship, or in areas with intermittent or no internet connection. These need to be applied for. Please contact us if we can help with this.
We have already provided advise and support for several clients who are transitioning to STP ready software in their businesses to make it a smooth easy transition that has in fact created automation for some people that has freed them up in their businesses so they can focus on more important things.
Expert Guidance on STP
So, in an effort to provide support at low cost or FREE in this case, our next event “Speed Dating with the Business Experts” includes an expert in this space who will be available to provide some guidance for you, but you will have to be quick and register as seats are filling fast! – REGISTER NOW.
Watch this space for further details on assistance that Advivo can offer to help with identifying what you need to do to be ready and to make the transition to STP.
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