Single Touch Payroll Updates… Coming July 1st
Single Touch Payroll (STP)
From 1 July 2019, Single Touch Payroll will apply to all employers. Employers with less than four employees have the option to report quarterly, while employers with closely held employees (family members/related parties) are not required to report until 1 July 2020.
Once reporting through Single Touch Payroll, you will need to ensure that your employees register with a MyGov account, as they will no longer be issued with a payment summary at the end of the financial year. Their payment summary will be automatically generated by the ATO and will be accessible through their MyGov account.
We also remind all employers to double check that their Superannuation Guarantee obligations are up-to-date and to pay any outstanding obligations as soon as possible, to avoid penalties.
If you need advice regarding a new payroll software, to ensure that you are STP ready, we are happy to discuss the most cost effective solution for you!
For further information please click here https://www.ato.gov.au/Business/Single-Touch-Payroll/About-Single-Touch-Payroll/
Taxable Payments Annual Report (TPAR)
From 1 July 2019, the list of Industries required to lodge a Taxable Payments Annual Report (TPAR) has expanded to include all of the following:
- Building and Construction Services
- Cleaning Services
- Courier Services
- Road Freight Services
- Information Technology Services
- Security, investigation or surveillance services
Your software will be able to track the payments made to your contractors during the year, so that you can easily generate your TPAR report at the end of the financial year, at a click of a button!
If you need help to set up this function, please contact one of our helpful staff members.