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On the 1 July 2019, all small employers with 19 or less employees will need to report using Single Touch Payroll. Larger employers are already reporting. If your business currently does not use payroll software, the ATO will not force you to purchase such software. Low-cost STP solutions such as simple payroll software, mobile phone apps and portals have been developed to help smaller employers deal with changes. Additionally, accounting software providers such as MYOB, Xero and QuickBooks (below) have STP reporting available to use now with suitable options to assist micro businesses. The ATO has a requirement that such solutions cost $10 or less per month.
The fact sheets are of the most popular accounting software products for businesses currently out there. If you need to discuss any of the software packages, and need to know more information around Single Touch Payroll, you can contact us.
The information provided in this information sheet does not constitute advice. The information is of a general nature only and does not take into account your individual financial situation. It should not be used, relied upon, or treated as a substitute for specific professional advice. We recommend that you contact Brentnalls SA before making any decision to discuss your particular requirements or circumstances.