Single Touch Payroll is here!
Is your Business Ready for STP??
Single Touch Payroll explained by Quickbooks.
If you do your own payroll you need to get started!
If you currently use payroll software which offers STP reporting, you can update your product and start reporting.
If you have over 20 employees you should already be reporting. If not, contact us today.
Does Single Touch Payroll apply to my business??
YES. It applies to all Australian businesses!Step 1: Are you using Compliant Accounting Software??
If you are currently using MYOB AccountRight Online, MYOB Essentials, Xero, QuickBooks Online or Reckon then you are using STP compliant software.
If not then there are a couple of options for you, so give us a call and we can go through them with you.
Step 2: Ensure you have a myGovID and for businesses with employees you may need a - Relationship Authorisation Manager (RAM)
NOTE: AUSkey is now retired and no longer in use. To access online services and other external external government links, you will need to use the following:
- myGovID – this is run by the Australian Government and allows you to prove your identity online. You can use myGovID on your smart device via the app. It should be noted that this is different to your myGov account.
- Relationship Authorisation Manager (RAM) - this allows you to act on behalf of a business online when it is linked with your myGovID account.
Find out how to get started with myGovID and RAM.
Step 3: Do your employees know about STP?
Once you are registered for Single Touch Payroll you are no longer required to send out payment summaries at the end of the financial year.
Click the button to download a flyer you can give to your employees that explain how they can access their payment summaries from their myGov account.
If you need help with any of the above please don’t hesitate to contact us.
How can Bizwize ensure you are ready for STP?
The first stage is to ensure you are ready for STP. To establish if you have the right information and a plan in place to meet the ATO deadlines.
Bizwize can help review all manual or automated payroll processes and controls, as well as provide advice on software changes that may be needed to ensure you will comply with future STP requirements.
Here are a few links to get you started with the Single Touch Payroll registration process and setting up your Accounting software for Single Touch Payroll reporting.
STP ACCOUNTING SOFTWARE SETUP INSTRUCTIONS:
Below are links to compliant accounting software and their corresponding STP information.Further Information
* Various other deadlines and conditions apply for micro employers and closely held employees. See ATO website for more info.
** If you do not meet the criteria for the annual declaration then weekly declarations will be necessary
