BUSINESS: Single Touch Payroll deadline looms
ALL Fraser Coast employers with 19 employees or less are required to start reporting through Single Touch Payroll (STP) from July 1, 2019.
Most employers with 20 or more employees should have already started reporting their employees' salaries and wages, pay as you go withholding and superannuation information to the ATO each pay day.
ATO Assistant Commissioner Jason Lucchese said Single Touch Payroll was an important change that will deliver benefits for both employers and employees by streamlining payroll processes and providing greater visibility for the ATO in regards to unpaid super or late payments.
He said the ATO understands the move to digital reporting may be a big change for some small employers.
"There will be no penalties for mistakes or late reports for the first year, and if you are experiencing hardship or operate in an area with limited internet capabilities, there will be exemptions available," Mr Lucchese said.
Businesses can start reporting any time from July 1 to September 30, 2019 and still be reporting on time.
There's also help and support for employers that might need more time beyond that.
For micro employers with one-to-four employees, there are low-cost and no-cost solutions available.
You can view the list of registered products at www.ato.gov.au/stpsolutions.
Employers with 1-4 employees will also have the option for their registered tax or BAS agent to report their STP information quarterly, rather than each time they run payroll. This option will be available until June 30, 2021.
Small employers who haven't yet transitioned to STP should visit www. ato.gov.au/stp for more information.