A change is coming for businesses... starting from 1 July 2018 employers with 20 or more employees will be reporting payments such as salaries and wages, pay as you go (PAYG) withholding and superannuation information from their payroll solution each time they pay their employees.
STP will be expanded to include employers with 19 or less employees from 1 July 2019, subject to legislation being passed in parliament.
With Single Touch Payroll just around the corner, now is the time to start thinking about the impacts it will have on your business. Start by doing an employee headcount – further information on how to count your employees is available.
The team at Bosco Accounting can assist you in finding an easy to use solution to make the transition as smooth as possible. All of MYOB’s payroll enabled software will be compliant before the mandatory reporting date. XERO will be STP compliant and provide another simple way to meet your tax requirements each pay cycle.