Owning a business is just as much about the administration as it is the core functions that generate income and business owners can be overwhelmed with the changes that are consistently occurring in regards to streamlining payroll and other administrative responsibilities. The Australian Tax Office has rolled out another change with Single Touch Payroll implementation and it’s not uncommon for most business owners, whether they be small traders or large companies, to feel a little overwhelmed and apprehensive about what this change means for their business.
Business administration is time consuming and often complex for those not experienced in the field. The introduction of Single Touch Payroll by the Australian Government aims to streamline the process of payroll reporting with the aim to provide real-time visibility of businesses with 20 or more employees. It may seem a little extreme to some businesses to submit formal reports every payrun, however this process aims to improve compliance and increase transparency in the payroll process of Australian business.
Although annual reports will no longer need to be submitted to the ATO, Single Touch payroll reports submitted every time you pay your employees will include information about:
- Employee salaries and wages
- Pay As You Go (PAYG) withholding information
- Superannuation contributions
So, what does this mean for your business? The ATO may have already, or will, issue you with an Implementation Guide and Transmission Protocol, which is basically a ‘how-to’ guide to assist you in submitting your STP information to them. You can commence this procedure now or wait until it becomes mandatory for businesses with more than 20 employees, and optional for those with less, on July 1st 2018.
Who Can Assist Me with My Single Touch Payroll Obligations?
Integra Business Accountants offer comprehensive advice and assistance to all their clients in implementing Single Touch Payroll protocols in their workplace. Integra Business Accountants are also completely STP enabled, with secure electronic platforms that ensure efficiency and compliance every time you process your payroll functions, should you wish to outsource this non-core function of your business to our qualified and experienced accountants.
For all your business accounting needs and advice, call Integra Business Accountants on 9527 3071 or pop into our office at 2/1 Robinson Place in Rockingham.