The one BIG change to small businesses
Have you heard about the introduction of Single Touch Payroll (STP) which is being advertised as one of the biggest changes for small businesses since the introduction of GST?
STP is a system whereby all employers, even those who only employ themselves, need to send the ATO details each time they pay their employee(s) using customised computer software. The reputable accounting software companies have all built in a Single Touch Payroll function and many of our clients have been using it for the last few months. So we are well able to help you to set up STP for your own business if it’s not already in place.
If you have no computer system, we are also able to help by keeping your payroll records for you and reporting the STP details to the ATO. But we will need to send you a form to sign to give us authority to do this if you choose this option.
Please just let us know if you need any help with this. And keep in mind that the ATO will now know all your payroll obligations as they happen and will be watching to make sure you pay your PAYG withholding tax and superannuation payments on time.
If you wish to read more about STP, here is the link to the ATO.
If you can’t be bothered by this change and would rather spend your time building your business, or with your family, here is the link to get in touch.