Well … Single Touch Payroll (STP) is coming! Whether you are ready or not!
If a Small Business employs more than 20 people (headcount) as at 1st April 2018, it should already be reporting each “pay event” to the ATO since the 1st July 2018. All other Small Businesses will need to fall into line 12 months later (there are just a few exceptions – no satisfactory internet is one).
Fact 1: This has not yet been legislated, however, it would seem inevitable given it is part two of the series.
Fact 2: The ATO will advertise about May and the RUSH WILL BE ON! The small businesses will be scrambling to get it all organised. This will come at a time of the year that Accountants and Bookkeepers will already be very busy! So avoid the rush and do it now! If you have current software there is no cost to it. Get the auskey, map the software and connect auskey to software and you are off!
Any Business can opt into the STP system earlier – and this may gain some efficiencies in your business – it’s not all bad!