As the traditionally quieter winter period for the industry approaches, it is a great opportunity for business owners to get on top of any pesky administrative tasks. The end of this month, of course, brings a new financial year with many businesses putting into place their new plans and budgets for the upcoming 12 months.
This time also marks the beginning of the ATO’s Single Touch Payroll (STP) reporting system. Under this, employers will be required to report payment details such as salaries and wages, pay as you go (PAYG) withholding, and superannuation information to the ATO from their payroll solution at the same time they pay their employees.
If you are a business with 20 employees or more, you are required to start reporting through STP on 1 July 2018 if you do not have a deferral or exemption. Employers with 19 or fewer employees can choose to report through STP and will be required to do so as of 1 July 2019 subject to the passage of legislation.
Businesses should speak to their payroll software providers as soon as possible to find out how they will be offering STP reporting. If you and your business aren’t prepared yet for the introduction of the new STP system, now is the time to get ready.
Mark Scanlan, President
Restaurant & Catering Australia