Single Touch Payroll Help For Your Business
Our payroll specialists at MKS Group are able to assist your business in meeting single touch payroll compliance. We provide a range of service packages to ensure you’re utilising a one touch payroll software that complies with the ATO payroll changes. We are Xero Platinum Partners and experts in single touch payroll in Xero. We also provide various packages for assisting with single touch payroll for small businesses across other STP enabled software.
MKS Group service packages to help your business become STP compliant
Single Touch Payroll Package Inclusions:
• STP compliant software
• Employee data migration/set-up
• Payroll Template set-up
• Auto Super payment set-up
*Optional payroll training for any package at $185+GST per attendee
Services include the set-up of the payroll system. MKS Group will not be reviewing the employer’s compliance with applicable payroll awards / EBA’s and will not provide award interpretation nor compliance.
Payroll software subscription costs start from $10 per month and is not included in the pricing above.
Meet Mandatory Single Touch Payroll Requirements
Single Touch Payroll (STP) is a government initiative that will change the way you report on your payroll to the ATO.
As of 12 February 2019, single touch payroll legislation came into effect for all employers, including those with 19 or less employees. The effective start date for using a single touch payroll system was 1 July 2019. Employers with 20 or more employees were required to commence single touch payroll reporting from 1 July 2018.
Under STP, businesses are required to report on salary or wages, pay as you go (PAYG) withholding and superannuation directly to the Australian Taxation Office (ATO), electronically, and at the same time as their employees are paid to meet single touch payroll requirements.
This new streamlined one touch payroll reporting to the ATO will make it easier for employers to meet payroll processing obligations, and employees to view their information and lodge annual tax returns.
Benefits of Single Touch Payroll Software
The new regulations may require you to find a new service provider or move to an online STP compliant software that meets single touch payroll compliance. While that could be a pain initially, there are many benefits of single touch payroll. Automation of single touch payroll summaries or outsourcing will make compliance less of a time burden for your business.
- No more annual payment summary reports to be lodged to the ATO
- No more employee payment summaries required
- Employees will be able to see the information that would normally be on their payment summary by logging on to myGov.
Three key questions to ask for your business’s single touch payroll checklist
- Does your payroll software support single touch payroll reporting? You may be using a payroll software such as Xero one touch payroll that supports STP. However, if you are unsure, contact us immediately and we can help you review your business accounting and payroll systems.
- When do you need to start reporting using STP? Employers with 19 or less employees from 1 July 2019, however you can opt in for it now. Employers with 20 or more employees, STP was mandatory from 1 July 2018.
- Is your payroll team aware of these new changes, and your employee data up to date and accurate? You don’t want to start using STP with inaccurate employee information – ask your employees to confirm all the personal details you hold on file for them.