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Payroll & Employees

Feb 16

Single Touch Payroll

Single Touch Payroll (STP) changes the way employers report their employees’ tax and super information to us.

Using payroll or accounting software that offers STP, employers send their employees’ tax and super information to us each time they run their payroll and pay their employees.

The information is sent to us either directly from the software or through a third party, such as a sending service provider. Software providers can tell you more about how they offer STP reporting.

Employers with 20 or more employees

STP reporting started gradually on 1 July 2018 for substantial employers (those with 20 or more employees).

If you have not started reporting through STP, we have information to help you get ready. If you need more time, you can apply for a deferral.

Find out if your software is STP-ready by talking to your software provider. Your tax professional can also help.

Employers with 19 or less employees

Parliament has passed legislation to extend STP reporting to all employers from 1 July 2019. The Treasury Laws Amendment (2018 Measures No. 4) Bill 2018 is yet to receive Royal Assent.

Talk to your software provider to find out what you need to do to update your software and start reporting.

Different STP reporting options will be available by 1 July 2019 to help smaller employers. However, we won’t force employers with 19 or less employees to purchase payroll software if they don’t currently use it.

We have asked software developers to build low-cost STP solutions at or below $10 per month for micro employers – including simple payroll software, mobile phone apps and portals. A register of providers who intend to build these solutions is available at Low-cost STP solutions.

Micro employers (1–4 employees) will also have a number of alternative options that are not available to employers with 20 or more employees – such as initially allowing your registered tax or BAS agent to report quarterly, rather than each time you run your payroll.

Exemptions to STP reporting will also be available if you have no internet or an unreliable connection.

For more information see the ATO website:

https://www.ato.gov.au/business/single-touch-payroll/

Payroll & Employees, Single Touch Payroll by Coralie Downie
Jan 25

Superstream

If you are paying your employees’ Superannuation Guarantee quarterly, it is due before this Thursday 28 January 2016. You probably should have paid it by now to make sure the funds were deposited into your employee’s superfund before the due date so that you make sure you are eligible for the tax deduction in your year end tax return.

If you are not sure how to keep track off and pay the Superannuation, we can assist you at Northern Beaches Bookkeeping Solutions. The new Superstream legislation comes into effect on 1 July 2016 for small business with a turnover of less than $2 million and/or under 19 employees which means you must pay your super through some type of clearing house electronically. For larger business’ you should already be complying with this legislation.

The accounting software companies have risen to the occasion so if you are currently using MYOB (Essentials or Accountright Live) or XERO (at least the $60 monthly plan), then we can show you how to easily setup your super and pay it with one click.

For more information on your Superstream requirements, follow this ATO link – https://www.ato.gov.au/Business/Super-for-employers/Paying-super-contributions/SuperStream/

SuperStream – https://www.ato.gov.au/Super/SuperStream/ – from the ATO website

SuperStream is a standard for processing superannuation data and payments electronically. It must be used by:

SuperStream data is in a standard format so it can be transmitted consistently across the super system – between employers, funds, service providers and the ATO. The data is linked to the payment by a unique payment reference number.

This means:

  • employers can make all their contributions in a single transaction, even if they’re going to multiple super funds
  • contributions and rollovers can be processed faster, more efficiently and with fewer errors
  • people can be more reliably linked to their super, reducing lost accounts and unclaimed monies.

Payroll & Employees, Superannuation by Coralie Downie
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