Single Touch Payroll
The Australian Tax Office is reminding small businesses to make the transition to Single Touch Payroll reporting ahead of the deadline in less than a week.
Single Touch Payroll (STP) became mandatory for small employers with 19 or fewer employees from 1 July this year, however, the ATO granted an extension to 30 September for businesses needing more time.
According to the ATO, there are 350,000 small businesses now reporting under STP, or just under 50 per cent of the estimated 750,000 small business population.
ATO Assistant Commissioner Jason Lucchese said it was important for employers to understand the range of concessions or deferrals available to them if they are not ready to report by 30 September.
If you require any assistance in respect to Single Touch Payroll, please contact your Hood Sweeney Accounting & Business Advisory+ relationship manager on 1300 764 200.
“Regardless of whether you’re ready to start reporting, or if you still need more time to get ready, there are options available to you,” Mr Lucchese said in a statement.
Concessional reporting is available to micro employers, closely held payees and seasonal intermittent employers.
To help small employers better understand their options, the ATO has developed a range of fact sheets and other resources to help businesses understand their obligations. It has also released an interactive online quiz to help employers determine their next step.
The ATO is committed to working with each employer to ensure their various needs are met and the Commissioner of Taxation, Chris Jordan has reassured small employers that the ATO’s approach will be flexible, reasonable and pragmatic with no penalties for mistakes, missed or late payments for the first year.
For more information about Single Touch Payroll, visit https://www.ato.gov.au/stp
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Disclaimer: The information in this article is factual information, and not advice. The information is objectively ascertainable information and is not tailored to your personal circumstances. You should consider obtaining advice before making a decision in relation to this information.