Breaking News – 12 February 2019
Today, Australian lawmakers passed legislation that requires even the smallest of employers to electronically file each pay run with the tax office using Single Touch Payroll, from 1 July 2019. It’s a big ask for the nation’s 2.3 million small businesses, which employ 40 percent of all workers.
It’s also a big opportunity
Many employers still use a combination of spreadsheets and ATO paper tax tables to process payroll. They have yet to embrace cloud-based solutions that save time and simplify their lives. In fact, some 90,000 micro-businesses use no software at all, according to the ATO.
Single Touch Payroll in Xero adds just two clicks to businesses’ workflow and keeps them ATO compliant. Wherever small businesses are in the digital journey, they can be assured Xero has an STP solution for them.
For the estimated 400,000 micro-businesses that have four or fewer staff, Xero announced a standalone solution last week that will ensure they remain compliant with the ATO. This Payroll-only product will process, pay and report information for up to four employees.
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