Single Touch Payroll (STP) for employers with 19 or less employees will commence from 1 July 2019.
STP requires employers to report payments such as salaries and wages, PAYG withholding and super information electronically to the Australian Taxation Office (ATO) directly from their payroll software at the same time they pay their employees.
The ATO is currently liaising with software providers to provide low cost (less than $10/month) software for smaller employers with 1 to 4 employees including initially providing reporting through a BAS or Tax Agent.
Current software providers such as MYOB, Xero and Quickbooks have single touch payroll reporting available in their current cloud based software packages.
Xero has different cost options depending on your level of staff.
MYOB has single touch payroll reporting available in both their MYOB Account Right Live and MYOB Essentials packages. Again, there are different cost options depending on the number of employees. Please bear in mind that MYOB versions 19 and earlier will not support STP (see our Cloud Based Accounting Packages article in this newsletter).
If you currently pay wages (including wages paid to yourself), we recommend you contact MRG Redshaw to discuss the options available to you to ensure your business complies from 1 July 2019.