Be prepared for Single Touch Payroll with Cashflow Manager
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 is Single Touch Payroll compliant and will delivers an easy-to-use solution to make this change as simple as possible for you.
What is Single Touch Payroll?
Single Touch Payroll (STP) 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.
Comments (35)
Hi, I currently use STP and has been working fine, my employees are seasonal so don’t have a pay every week and they are paid piece work. I submitted one pay for one employee with the wrong date and it was all good went through fine, but I deleted the pay in wage manager so that i could do it again with the correct week ending date and it comes up for lodgement now with the next pay run.
All figures are fine with the ATO just need to know how to put it back into wages manager without it needing to be submitted to the Tax Office again?? Can i just tick the box on the single touch payroll report already sent?
Hi Garry, Yes when you re-enter the pays into Wages Manager you can then go into the STP function, tick the pays you don’t need to send, then go to ‘Functions’ and select ‘Mark file as Sent’. Then close out of STP and when you come back in they will be removed from the list.
Hi
I have CFM gold and today I registered for single touch payroll and have entered all the previous pay runs in CFM wages.
I have followed all of the instructions but it will not submit data as there are several entries for each employees and an error message is coming up.
How do i get the previous pay runs to STP?
Hi Jane, If you are getting an error message, can you please send a screenshot of the message to info@cashflow-manager.com so we can assist you.
Hi there!
I am a sole trader (in my company) and have nil staff, but do contribute to superannuation to spouse and children…on a once-off payment per annum. I currently use CFM. Do I need to use STP at all?
Kind regards,
Graham
Hi Graham, I would suggest checking with the ATO or your accountant in regards to this question. They will be able to advise you.
Hi , I have resisted to STP , but when I click on the function in CFM , the entry form to be completed appears but am unable to put any entries in and if and when I can , can I put in wages paid from beginning of this financial year .? Thanks Peggy
Hi Peggy, When you registered for STP you would have had to put in the YTD figures so that you don’t have to put in previous pays. Now you would just process your next pay run and lodge that. Then continue processing the pays and lodging them each week.
Hеy very nice blog!
Keep this going please, great job!
Hi
How often do we need to submit stp? Each pay run? Monthly?
Thanks
Julie
Hi Julie you need to submit STP after each pay run.
I have Cashflow manager Gold can I do single touch payroll with this programme
Hi Grace yes you can but you need to ensure you are on the latest version which you can download from the downloads section on our website.
I have 8 employees. what Cashflow manager do I need if I use it for book keeping as well.?
Hi Peter, you would need Cashflow Manager Gold for all your reporting needs.
I have only ever used the manual book from Cashflow Manager. I was looking at the Wages 1-4 to install so I can now be compliant. My husband is a director and owner of the business. He receives a weekly wage from our business. On top of that we have 4 employees. Because my husband is the owner and director is he included in the employees. Am I still able to use the Wages 1-4 even though including my husband there will be 5.
Hi Kathryn, Wages 1-4 is designed to have a maximum of 4 employees in the system. If you have over 4 employees, you can subscribe to Wages Manager.
We use the CFM for wages. When is the update for STP released? We have 10 employees. I need to be set up by July 1 2019 and have not received any emails yet.
Hi Fiona, The STP update is available to download from the downloads section of the website
I am an accountant and need to report on behalf of my clients.
Can I use Cashflow manager to do multiple businesses.
My clients cannot do it by themselves
Hi Ilmiya, Yes you can report on behalf of your clients. For more information on this please email info@cashflow-manager.com
Hi to submit the STP will i need a subscribtion to a data transfer software like Message exchange?
Hi Carly, to be Single Touch Payroll compliant you will need an active Cashflow Manager subscription. If you need further information, please send an email to info@cashflow-manager.com
Is CashFlow Manager ready for small businesses with 19 or less people for the July 2019 implementation date? And are we able to start using it now? Thanks Rebecca
Hi Rebecca, Yes Cashflow Manager Gold and Wages Manager is Single Touch compliant.
With only 4 employees and doing wages manually we do not use the wages portion of cash manager. Will we need to order that and change to STP reporting?
Hi Maggie, You would be looking to upgrade your Cashflow Manager to Cashflow Manager Gold to be Single Touch Payroll compliant. If you have any further questions please send an email to info@cashflow-manager.com
Hi there
Has cashflow manager got the single touch payroll option yet as of 1st July 2019?
Hi Kall, Yes our Cashflow Manager Gold and Wages Manager programs are both Single Touch payroll compliant.
Will there be a requirement to have an Auskey to use single touch payroll with Cashflow Gold (Wages)
Hi Eddie,
Thanks for the comment. It’s my understanding that Single Touch Payroll does not require you to have an Auskey but you will need to have a MyGov account.
Kind Regards, Rebecca
So Rebecca,
In regards to Eddie Celeghini’s question and the Auskey. Do you have to have a MYGOV account for your business…I’m confused? I obviously have a personal one. As does my husband. We had to use different email address so my husband used our business email to login in.
And once we start are we supposed to advise ATO of anything??? Do we just purchase software and start???
I have a very small business. I have 7 employees, 4 occasional.
I use Wages Manager. What has changed for me?
Hi Robyn,
The main changes to Wages Manager include the new 2018/19 tax scales for PAYG. There was also a change to the employee tax file declaration which will impact you if you employ someone new. Single Touch Payroll is for businesses with 20+ this year, but as of July 2019 you will be required to use Single Touch Payroll for your business. Hope this helps! Kind Regards, Rebecca