Single Touch Payroll now required for all Australian Businesses

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Single Touch Payroll is a Government initiative that will change the way you report on your payroll to the ATO from 1 July 2019.

Under Single Touch Payroll (STP), all businesses will report on salary or wages, pay as you go (PAYG) withholding and superannuation directly to the Australian Taxation Office (ATO), electronically, and at the same time as you pay your employees.

 

This new streamlined reporting to the ATO will make it easier for you to meet your payroll processing obligations.

Single Touch Payroll (STP) was introduced on 1st July 2018 for all businesses with 20 or more employees.  Now STP is set to be rolled out in stages to smaller businesses with less than 20 employees as at 1 July 2019.

 

What do you need to know?

STP will require you to have your payroll transaction data transferred to the ATO each time your employees are paid. This may require you to use a software solution that will transmit the data to and from the ATO on your behalf.

Talk to one of our team members to review your software and payroll processes to ensure you are STP ready.  Email us at admin@gockcpa.com.au or phone us on 02 9267 1688.

Are you ready for Single Touch Payroll?

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Single Touch Payroll is a reporting change coming into effect on 1 July 2018 for some employers.   Check if this affects you!!

At each pay cycle, you will need to electronically send payment information to the ATO, as opposed to waiting to the end of the month or quarter.  This is to streamline the reporting to the ATO.

Payments, such as salaries and wages, pay as you go (PAYG) withholding and super information, will need to be reported to the ATO directly from your electronic payroll system at the same time you pay your employees.  Your payroll cycle does not need to change. You can continue to pay your employees weekly, fortnightly or monthly – whatever you do now.  You  may have even have different pay cycles for different employees.

 

Time for Action

How many employees do you have on your payroll?

If you have 20 or more employees, then you must start reporting via Single Touch Payroll from 1 July 2018.

You will need to do a headcount on 1 April 2018 to determine if you need to report via Single Touch Payroll on 1 July 2018.

The headcount should include:

  • full-time employees
  • part-time employees
  • casual employees who are on your payroll on 1 April and worked any time during March
  • employees based overseas
  • any employee absent or on leave (paid or unpaid)
  • seasonal employees (staff who are engaged short term to meet a regular peak workload, for example, harvest workers).

If your headcount is 20 or more, then you will need to ensure you have a Payroll solution that is Single Touch Payroll ready.   Contact us on 02 9267 1688 or email enquiries@gockcpa.com.au if you have any questions or are looking for a Payroll solution.

 

Less than 20 employees?

If you have less than 20 employees, you may have an extra year to comply with Single Touch Payroll.  The Australian Government has announced it will expand Single Touch Payroll to include employers with 19 or less employees from 1 July 2019, subject to legislation being passed in parliament.

 

What do I need to do?

Check if your payroll software provider is Single Touch Payroll compliant or is working towards being compliant.

If you currently do not have an electronic payroll system in place, we can help you find a suitable solution that is Single Touch Payroll compliant and will meet your business’ needs.

One payroll solution is Xero.  If you would like to discuss what payroll solution would be best for your business or need help implementing a payroll solution, contact us today for a free chat to see how we can help you!

General advice disclaimer

General advice warning: The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making any decision on the basis of this advice, you should consider how appropriate the advice is to your particular needs, and objectives.  Information is current at the date of posting and may change.

Are you using the correct award rates?

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Award rates

 

 

 

 

 

 

 

 

Happy new financial year! We hope last year was financially prosperous and here’s to another exciting year ahead.

Since it is a new financial year, it’s time to ensure that you’re paying up to the correct award rates.

Here is a quick how-to-guide that we’ve put together to make sure you are up to date with the current award rates!

To find your minimum pay rates:

  1. Head over to the Fair Work Pay Calculator
  2. Enter in your award or utilise the built-in tool to help you find your award rates.
  3. Follow through the steps for each employee or employee type till you get to the end and compare that to your staff’s pay rate in your HR files and payroll software.
  4. If there is a change, make sure you enter in the new award rates for your staff in their HR files and update your payroll software.
  5. Feel free to give us a call if you have any questions about this process, your award, or anything else.

For our clients in the Hospitality, Restaurant, Fast Food, Retail and Pharmacy industries, make sure you look through the updated penalty rate changes here.

We’re looking forward to working with you into the future and to ensure you achieve all your business goals, and a beautiful future!

 

General advice disclaimer

General advice warning: The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.