Small Businesses Encouraged To Start Single Touch Payroll Early
The tax office will soon begin sending letters and notifications to small businesses, encouraging them to begin early use of Single Touch Payroll (STP).
Although small businesses with 19 or less employees do not need to have switched to STP until 1 July 2019, it is recommended that they purchase and set-up the software soon. This will enable them time to learn and understand it.
There are over 750,000 businesses in Australia that have 19 or less employees – making up more than 35% of all Australian businesses.
When counting employees, businesses must consider full-time, part-time and casual workers. The headcount must also include employees based overseas and any employee absent or on leave.
There are a multitude of providers popping up now or adding STP to their existing software and we would recommend contacting us here at Paris Financial so that we can assist you in making an informed decision about which one is the right one for you and your small business.
Employers who already have STP software may need to update the software so that it includes STP reporting. In this case, it is best to speak to the payroll software provider and request assistance.
Ken Burk, Partner, Paris Financial