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Supercharge Your Superannuation & Maximise Your Retirement Savings

Welcome back everyone. In the sixth and final part of my blog series, I want to discuss something that affects all of our financial journeys: Superannuation. Perhaps you’re concerned about your retirement savings? Or maybe uncertain about how to make the most .....

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Strategy, Business - 3 min read

Single Touch Payroll (STP) – Getting clear for small businesses

After some delays in the date surrounding the implementation of single touch payroll, the legislation will come into effect on 1 July 2019 for employers with 19 or less employees. Employers with 20 or more employees have been required to report from 1 July 2018, however the first year is a transition period and penalties may not apply.

What is STP?

Single Touch Payroll (STP), is a streamlined reporting system for employers. It’s designed to streamline reporting obligations to the ATO such as employer’s salary, superannuation information and pay as you go (PAYG) withholding.

How to report?

  • STP reporting is currently available through payroll, accounting and business management software. Most software providers are offering STP-enabled products.
  • Several low-cost options (less than $10 per month) will also become available in the 2019 financial year for micro employers with 1-4 employees.

What you need to do

  • Conduct a headcount of the number of employees listed on your payroll as at 1 April 2018.
    • If you had 20 or more employees, you will need to have been STP compliant since 1 July 2018.
    • If you had 19 or less, you will need to be STP compliant from 1 July 2019.
  • You need to use a cloud based STP-enabled payroll software to send tax and super information to the ATO. Products that are already enabled include:
    • Xero
    • MYOB
  • You will need to opt in to Single Touch Payroll through your STP-enabled payroll software.
  • Once opted in to Single Touch Payroll, you will continue to process payroll as per normal practice, however, you will be required to file the completed pay runs to the ATO on or before the payment date of pay run with just a click of a button.

We recommend you get in touch with your Altus Adviser to confirm your business is prepared for STP. If you are considering upgrading your accounting systems, Altus can help you assess your current systems and decide the most appropriate for you.

Could Your Business Benefit from an Outsourced CFO?

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Prospective Business Owner - Succession Checklist

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Altus Wealth Pty Limited ABN 55 649 956 212 is an Authorised Representative of Altus Financial Services Pty Ltd ABN 24 637 026 825 an Australian Financial Services Licensee (AFSL no. 520266). Altus Financial Services Pty Ltd is not responsible for the advice, products and services provided by Altus Accounting. Julie Azzi is a credit representative (CR No. 366834) of BLSSA Pty Ltd ABN 69 117 651 760 (Australian Credit Licence 391237).