How single touch payroll software can help you access JobKeeper payments
Last week, the Australian Government passed the $130 billion JobKeeper payment package as a way to support eligible businesses affected by the coronavirus.
Businesses wanting to access the JobKeeper payments will need to provide the Australian Tax Office (ATO) with accurate employee payroll information, including wages and pay as you go (PAYG) withholding. The most effective way to do this is via Single Touch Payroll (STP).
That’s where an STP-compliant software system comes in. Having the right software in place will help you receive JobKeeper payments, faster, by enabling you to provide essential payroll data to the ATO at the click of a button.
What is the JobKeeper payment package?
The JobKeeper payment is a wage subsidy of $1,500 per fortnight to help eligible businesses pay and retain their employees during the coronavirus pandemic. Businesses will receive their first payments in the week of 14 May, up until 27 September 2020.
Eligible businesses can enrol for the JobKeeper payments package starting from 20 April. If you’re confused about it all, our JobKeeper Q&A helps you understand more about how this stimulus package can help your business.
How will I receive JobKeeper payments?
As the JobKeeper payment package is expected to help around 6 million workers nationally, it makes sense that businesses should have the right software tools in place to enable the process.
The easiest way for you to receive JobKeeper payments will be via the Single Touch Payroll system. This will enable you to easily report payroll data to the ATO, streamlining the process of applying for JobKeeper payments for eligible employees.
If you are not already using STP, there will be a manual claim process for the JobKeeper payment. This may hinder or slow down the process of applying for and receiving the payment.
What exactly is STP?
STP is a method of reporting payroll information to the ATO for all Australian businesses, encouraging transparency and compliance. It saves businesses time, as they no longer have to provide the ATO with a payment summary annual report, and helps them avoid penalties relating to errors and compliance breaches.
With STP, businesses send information such as employee wages and superannuation, from an STP-enabled software system directly to the ATO. The ATO then matches that information with the relevant employer and employee records to provide all parties with the correct information. Employees can access their year-to-date tax and superannuation information via their myGov account.
How can I get STP-compliant software?
Roubler’s all-in-one workforce management software includes an integrated payroll system with built-in award compliance and STP reporting functionality, making it easier than ever to provide the ATO with PAYG, tax, and superannuation information.
With additional benefits like automated award updates, our integrated payroll will make sure you have everything you need to access the JobKeeper payments and help retain your employees. Simplify your payroll reporting and enjoy peace of mind – now more than ever.