This is a timely reminder that all employers need to be ready to meet their Single Touch Payroll obligations, which is mandatory for all employers from July 1, 2019.
The ATO will receive real-time data for wages, PAYG withholding and superannuation for every pay run made by employers.
To achieve this, employers must use STP-compliant software, capable of reporting to the ATO. Employees will be able to access their year-to-date pay details via mygov accounts.
Generally, cloud-based accounting programs are STP compliant. For some businesses, this is forcing the change from a traditional computer-based software to cloud-based programs. The ease of being able to access the software from anywhere using an internet connection, access to real-time data linked to business bank accounts, as well as sophisticated reporting capabilities has proven to significantly add value to businesses.
The end of the financial year is an opportune time to meet with your accountant and ensure your year-end planning is in order.