Have you heard of STP? No, we’re not talking about sticky toffee pudding, or soggy toilet paper! We are talking about Single Touch Payroll!
STP is an Australian Taxation Office initiative requiring medium (20+ employees) to report salaries and wages, PAYG information and superannuation every time pay runs are completed.
As of July 1, 2018, if you are an employer, you will be required to send information directly to the ATO every pay run rather than at the end of the financial year.
It is expected that all sized business’ employers’ will use the Single Touch Payroll system by July 1, 2019.
STP will benefit all businesses especially the hospitality industry. Hospitality can be a tedious industry when it comes to payroll. Taking into consideration classifications, superannuation and rates can be a time-consuming process. STP means that you don’t have to revisit the nitty-gritty details at the end of each financial year. Yay!
If you are like our clients and use XERO for your financials, you can complete pay runs as usual and then simply click the FILE button! It’s that simple.
If you have any queries relating to STP, contact your Geelong accounting firm, Next Level Accountants. Or, if you considering taking a load off your shoulders and out-sourcing your hospitality business’ bookkeeping, Next Level Accountants offers an Always Up To Date™ bookkeeping process that we know you will be impressed with. Give your Geelong bookkeeper a call or drop a line here.