Are you a small employer wondering if this is going to affect you. Well, I will try to answer a few of the queries I have been receiving via email.
If you have 20 or more employees MYOB and Xero subscribers already know about Single Touch Payroll, as this was made compulsory from 1 July 2018. I am pleased to say that my clients are going great, but there have been a few Accounting Firm clients referred to me that have needed their Chart Of Accounts set up properly to get them up and going.
If you have 19 or fewer employees, between 1 July 2019 and 30 September 2019, you must begin to start reporting to the Australian Taxation Office.
STP changes the way employers report tax and superannuation information to the ATO, aiming to clearly be able to see late or non-payment of SG.
So, when you pay your employees, at the same time your business will report each employees tax and superannuation information. This can be done directly from your Xero or MYOB accounting software or other STP-enabled reporting software, or through a third-party provider such as a registered BAS Agent (tpb.gov.au).
If you are an employee all this means that you will be able to log in to your ATO online account through myGov and see your payroll information. This means as an employee you can see reporting and contributions in near real time.
Now, if you are still unsure of what to do, please send an email to me as I have been working late nights for Accounting Firms that have referred their clients to me for a quick setup.
MYOB and Xero Bookkeeper