Single Touch Payroll (STP) is here! If you're a substantial employer then information about every pay run from 1 July 2018 must be reported through STP, except in cases of deferrals or exemptions. Smaller employers (those employing 19 or fewer employees) need to be STP compliant by 1 July 2019.
To meet the requirements of Single Touch Payroll you will need to register on the Sybiz Employer Portal and upgrade to the latest version of Sybiz Visipay.
What can you do to ensure your business is prepared?
Be ready on time
Smaller employers - businesses who had 19 or fewer employees on 1 April 2018 - are required to become STP compliant from 1 July 2019. Existing Sybiz Visipay customers can sign up for STP now.
As employers discovered before STP was first introduced for larger businesses, upgrading your solution early puts you in the best position to understand your new reporting requirements, especially if you are moving to a new payroll solution for compliance.
Have you considered everything?
Preparation and implementation of Single Touch Payroll can impact more than just your regular payroll duties. For example:
- How will Single Touch Payroll affect your current reporting procedures?
- How will STP change the employee onboarding process?
- What penalties can occur from not meeting Single Touch Payroll compliance?
- Is your payroll data STP ready?
And there could be more to consider depending on your circumstances. To get started, you can download our Single Touch Payroll preparation checklist. Sybiz has also published regular updates and conducted a series of webinars to help businesses prepare for Single Touch Payroll.
What can I do now?
Following along with our STP checklist is a great first step in preparing your business for compliance.
Having a solution designed for STP reporting is the next step. Sybiz has worked with the Australian Tax Office and the Australian Business Software Industry Association to make sure our users have a Single Touch Payroll ready solution, and we delivered STP capability to our users in 2018 with the Employer Portal.
When Single Touch Payroll was implemented for larger businesses from 1 July 2018, the Sybiz Employer Portal received a 99.8% success rate for submissions in the first month.
You can download our STP preparation checklist and watch the Single Touch Payroll webinars to learn more about what it will mean for your business, and how you can get ready.
If your business needs a comprehensive payroll and HRM solution, see how Sybiz Visipay helps Australian employers manage payroll and HRM.