Single Touch Payroll is now mandatory for small business

It’s official, Single Touch Payroll (STP) is coming for small business too. This month, the Senate passed the bill for STP to extend to businesses with 19 or less employees from 1 July 2019.

This poses significant administrative changes for the small business sector and the ATO has already compiled an initial list of suppliers who will provide low-cost STP software to cater to these businesses.

Micro employers – those with four employees or less – won’t be forced into purchasing payroll software but will have alternate solutions including using their registered tax or BAS agent to report quarterly.

Employers with 20 or more employees already moved to the STP system earlier this year, with the cut-off being 1 July 2018.

The purpose of the system is to simplify administration processes for employers and align reporting with regular business processes, simplifying ATO obligations for employers.

Using payroll or accounting software that offers STP, employers send their employees’ tax and super information to the ATO each time they run their payroll and pay their employees. The information is sent to the ATO either directly from the software, or through a third party – such as a sending service provider.

We can help you choose the best payroll option for your business and integrate it seamlessly with your accounting software and business processes.

Our data analytics team offers a hands-on approach to accounting support.

They work closely with our clients to onboard new software and to streamline business processes by offering the best solutions and new technologies, which will save time and money.

If you have any questions about STP and how it will affect you, please call us on 07 5596 9070 or email – info@mwmadvisory.com.au.

Celebrate the End of Financial Year with your team and ours

Celebrate the End of Financial Year with your team and ours

The End of Financial Year (EOFY) is upon us. For business owners, like you and I, there are many moving parts to be aware of. There are yearly financial statements to create, taxes to pay, deductions to claim, and documentation to submit to the ATO.

30 June is coming – what’s your game plan?

30 June is coming – what’s your game plan?

End of Financial Year Tax Planning. While Covid-19 and the uncertain business landscape it created made planning difficult, what we can say with certainty at MWM is that in our experience those who had a plan have navigated the past two years more successfully than those who didn’t.