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 Sybiz Visipay 17.20.
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.
But as with SuperStream and the introduction of the GST, upgrading your solution as early as possible puts you in the best position to ready your business - especially if your employee numbers rise.
Have you considered everything?
Preparation and implementation of Single Touch Payroll may require more than you think.
- How will Single Touch Payroll affect your current reporting procedures?
- How will STP change the employee onboaring process?
- What penalties can occur from not meeting Single Touch Payroll compliance?
- Is your payroll data STP ready?
And there could be more depending on your circumstances. All businesses will need to be ready with an STP-compliant solution, and it's never to early to start planning.
What can I do now?
Having a solution designed to handle STP is the first 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.
We have published regular information and conducted a series of webinars to help you prepare for Single Touch Payroll.
You can download our STP preparation checklist and watch the Single Touch Payroll webinars to learn more about what STP will mean for your business and how you can prepare if you have not done so already.
If your business is in need of a comprehensive payroll and HRM solution, see how Sybiz Visipay can get you ready.