We are writing to you to ensure you have this system in place. (Please skip to next section if this does not apply to you).
All employers had to electronically report wages payments made to employees and closely held payees (for family businesses) to the ATO using Single Touch Payroll (STP) reporting from July 2021.
However, the ATO has given an extension due to COVID 19 until 31 March 2022 to start this reporting. So it is important you implement this in the next few weeks. It is simple to upload if you have your payroll information up to date.
In Phase 1 larger employers started reporting wages, superannuation and tax deducted. In Phase 2 additional information will now be sent to the ATO eg
- Employees Payment items
- Deductions
- Salary sacrifice
- Child support payments
This will streamline employer interactions with government agencies eg Centrelink, Child Support, Student Loans.
STP reporting products
You have three software options:
- engage a payroll service that provides STP reporting, eg Clock- On, Micropay, ADP.
- Or you can do your own reporting, via accounting or payroll software. Eg Xero, MYOB, Reckon, QuickBooks etc by adding on the payroll module.
- Or standalone STP payroll software where your business is simple that you don’t need accounting software (eg Personal services companies).
The ATO lists free and cheap STP-enabled payroll and lodgement-only products – here are a few:
Cashflow Manager Wages 1-4: Windows software priced at $9.90 per month for up to four employees
Easy Payslip: Cloud product (Android and iOS apps available), prices starting at $8.80 a month for up to four employees
Myaccountant Payroll: Cloud product, prices starting at $2 per employee per month
MYOB Essentials Payroll: Cloud product, prices starting at $10 a month for up to four employees
Payroller: Free cloud product (Android and iOS apps available) with unlimited payrolls and employees
Reckon Single Touch Payroll App: Free Android/iOS product. It only handles STP reporting – you must enter the details of your pay run. Could be useful if you do payroll on paper or spreadsheets
SmartPayroll STP Basic: Cloud product priced at $10 a month for up to four employees
Xero Payroll Only: Cloud product priced at $10 a month for up to four employees.
Our Online Portal for all our clients
We also offer an online way for you to share, exchange and digitally sign your documents, such as tax returns and financial statements. This portal is a secure and encrypted way of electronically transferring documents. With the number of online scams and viruses rising, dealing with documents this way instead of through email will be far more secure.
You can upload and send any documents e.g., receipts, MYOB files, legal contracts, bank statements etc. You can access the portal anytime; all you need is internet access.
If you would like us to set up your portal, please contact Anastasia on 02 9816 3111 or [email protected]
On how to use this portal please watch here:
Lastly , Company Binders (for companies)
If you own a company (trading or a trustee company) it has a company binder containing your legal documents eg registers, minutes, director resolutions, company constitutions etc.
To date we have stored these in our office and due to cloud storage we have now scanned these into our system and we would be happy if you could arrange to collect your binder.
Please ring Anastasia on 02 9816 3111 to organise a convenient time to pick your binder(s) up.
If you have any questions please do not hesitate to call us.