PRESS RELEASE: Are you Single Touch Payroll (STO) ready?
Well it’s here, on the 1st July, the biggest tax change since GST was introduced by the Australian Taxation Office (ATO), called Single Touch Payroll (STP), it is mandatory reporting for all employers.
The introduction of STP had been on the cards for some time, it has been reported in the major press that many micro and small businesses are worried about this change. In reality there are several benefits for employees and employers.
The questions being ask micro businesses:
What will remain the same?
• Your payroll cycle will not change.
• You can still pay your employees weekly, fortnightly or monthly.
• Your payment due date for PAYG withholding and Super contributions will not change.
Who will benefit from STP?
• You won’t need to provide your employees with a payment summary at the end of financial year for the payments you report through Single Touch Payroll.
• The ATO will make that information available to employees through myGov or the ATO portal.
• When you report to the ATO through Single Touch Payroll, your employees will be able to view their year to date tax and super information in near-real-time through MyGov the ATO online services.
How will it work?
• When you start reporting through Single Touch Payroll you will send your employees’ payroll and super information to the ATO via your payroll software solution each payday.
• Your business will need to be STP ready and your payroll system will need to update to include the Single Touch Payroll facility.
• If you do not have a software solution you will need to download and set this up.
• This is a simple process and can be done via your mobile phone or desktop computer. It will take about ten minutes.
• Easy Payslip runs several educational videos and has a local customer service team to help you through this and answer any questions that you may have.
At Easy Payslip we understand that Single Touch Payroll compliance shouldn’t be an onerous and a time-consuming task.
Easy Payslip has been created to make this a simple process: with the flexibility of a mobile app and website, it can be done anytime, anywhere.
Easy Payslip is recognised as a leading Australian-based payroll solution for business owners who need flexible technology, simple setup and an easy-to-use solution, with ready access to help and support.
Watch this short video: https://www.youtube.com/watch?v=fuQ2GxPlaAA&t=6s
For more about Easy Payslip and how to get started go to www.easypayslip.com or visit your Android or IOS app stores , call our customer service team on 02 8084 9222 or email us at [email protected].
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