The extension of Single Touch Payroll to employers with 19 or less employees has finally passed both Houses today, after late amendments were tabled in late last year.
The Treasury Laws Amendment (2018 Measures No. 4) Bill 2018 secured passage today after it was referred back to the House of Representatives last December due to proposed amendments to other measures contained in the same bill.
This will mean that employers with 19 or less employees will have to report under STP rules from 1 July 2019. Businesses with 20 or more employees began reporting from 1 July 2018.
The ATO have pre-empted the passage of legislation by contacting small business clients, informing them that they can start reporting if they have STP-ready software and to inquire with their tax practitioners if they have any questions.
It is now time to make sure you are STP compliant and ready to meet Tax Office requirements. Although this is another time consuming compliance obligation, technology has now improved to a point where we can really achieve some significant productivity improvements particularly if you are doing things manually or use the old desktop programs.
Call us on 07 5439 1600 or email us at email@example.com to discuss your payroll options and see how much time we can give you back in your day.