Be prepared for Single Touch Payroll with Cashflow ManagerRebecca Bendikov
Single Touch Payroll (STP) is almost here and Cashflow Manager is working with the ATO to make sure that you are ready to go when it becomes mandatory for businesses with 20 or more employees on 1 July 2018.
Cashflow Manager Gold and Wages Manager will be compliant at this date and will deliver an easy-to-use solution to make this change as simple as possible for you.
What is Single Touch Payoll?
Single Touch Payroll is a new simpler way to report payroll information for your employees. This reporting change will mean that all employers report payments such as salaries and wages, PAYG withholding and super information electronically through the ATO directly from their payroll software each time they do a pay run.
As a result of this, you will no longer nee to complete payment summaries at the end of financial year as it will have already been done and be available to your employees through myGov.
What do I need to do?
Single Touch Payroll will be mandatory from 1 July 2018 for businesses with 20 or more employees.
Do a headcount of all the employees you had at 1 April 2018. If you had 20 or more employees on this date, STP will be mandatory for your business. If you have 19 or less employees you can choose to adopt STP at this time as well.
We will send you notification via email when the program update for Single Touch Payroll is ready to be installed.
If you do not currently use our payroll solutions, you may wish to download and become familiar with our Cashflow Manager Gold software as it will be enabled for this new method of reporting. This way you will be prepared for when STP rolls out.
How is this different to what I do today?
If you have employees, each time you do a pay run you will report the tax and super information straight to the ATO from your payroll software.
You will not need to provide payment summaries to your employees for the payments you report through STP. Employees will be able to view this information through their myGov account instead.
If you do not have employees, this change won’t affect you.
Cashflow Manager exist to make life simple for small business owners. We want to help you spend less time worrying about tax compliance and doing your books correctly, and more time doing what you love. That’s why we are working on making your transition to single touch payroll as simple and pain-free as possible.