As a small business owner, you’ve likely heard about Single Touch Payroll (STP) by now. For nearly two and a half years, the ATO initiative has helped Australia’s small businesses digitally report payroll, including salaries, wages, PAYG withholding tax and superannuation information.
Most employers are already using STP however, with the ATO rolling the initiative out in stages, some businesses have been able to avoid making the change……. until now.
From 1 July 2021, most small businesses need to be using STP compliant payroll software.
This includes small employers and micro businesses with only Directors, Shareholders, Trust Beneficiaries and Family Members as employees. The changes could mean that you have to opt in to STP for the first time, or start filing pay details for related employees (owners and family members) that aren’t already being reported the ATO.
If you’re feeling unsure about whether these changes will affect your business, we are here to help determine your next steps. There’s still time to get STP in place and with the help of Xero Payroll software, Beck Partners can help make your transition to STP as smooth as possible.