Single Touch Payroll, also known as STP, has emerged as the latest method of reporting tax and superannuation information used by Bookkeeper Woolloongabba. When you use STP-controlled software you can send your employees their wages and salary. It also includes super information – tax withheld each time you will make payment to your employees. STP can be described as the latest rule that has altered when and how small scale businesses report payroll activity to the Australian Tax Office (ATO). Earlier, businesses were supposed to report this detail to the ATO yearly. However, now they must send a report soon after each payday. Additionally, these reports need to be deposited in a digital format.
Here are all the vital details about STP that you shouldn’t miss:
STP reporting options for employers with 1 to 4 employees:
If you have got one to four employees, you will be able to report via a cost-effective STP solution. You can browse through software solutions for STP or get in touch with Business Improvement in Woolloongabba. If you happened to have the inadequate digital capacity, you will be allowed to report on a quarterly basis until June 2021. It is worth noting that your registered tax or BAS agent needs to apply for this on your behalf prior to February 28, 2020.
STP reporting options for employers with 5 to 19 employees:
In case you are using payroll software that provides STP, you may update your product and begin reporting any time. You need to get in touch with your software provider or browse through a website to discover your options. If you are not prepared currently, your tax expert will provide you with advice on how to shift to STP reporting. You may apply for increased time to get prepared. If you are not reporting via STP, you may have to use an online form to apply for a later beginning date. You may seek an exemption if you fulfill the criteria. If you reside in a location with poor network connectivity, your agent may apply online for an exemption.
How to report?
You will be eligible to report via your present payroll solution or service in case it is updated to provide STP reporting. You may speak to your provider to discover whether they provide with STP. If you have missed out on a payroll solution, you may speak to a tax expert or alternatively, Xero Advisers in Woolloongabba for advice. The professionals at Syndeo Group can give you some helpful alternatives. If you have four or less employees, you can find convenient, cost-effective solutions under $10. You may also ask a registered tax or BAS agent to report via an STP solution on your behalf every payday.
If you pay employees directly linked to your business like family members or directors, you don’t need to report payments to them via STP until July 1, 2020. And, you will not be required to apply for this extra time. If you face any confusion, talk to the leading experts at Syndeo Group – an Accountant in Coorparoo. However, you must report their salary and wage, super information, tax withheld with the help of current procedures. Meanwhile, employees with strictly held payees or non-business employers do not have to begin reporting for them until July 1, 2021.