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If you employ more than 20 people in your business, you’ll need to be Single Touch Payroll compliant and reporting payroll details directly to the Australian Taxation Office by July 1st, 2018. If you have under 20 employees, you are still required to report to the ATO, but you have the extended deadline of July 1st, 2019. Not adhering to these new Single Touch Payroll requirements will attract penalties, as the ATO cracks down on non-compliant businesses.

So, is your business ready to implement Single Touch Payroll by the required date? Below we have compiled a quick guide and checklist to ensure that you’re ready to report!

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MANAGEMENT

  • Are you across the way in which to perform your employee headcount on April 1st, 2018? If not, you can read how here.
  • Are you aware of the date you will need to roll-out Single Touch Payroll? If not, you can find out here.

EMPLOYEES

  • If you have a dedicated on-site payroll team, have they been made up-to-date with all the Single Touch Payroll changes?
  • Are there other departments within your business that need to be alerted to the changes?
  • Have you informed all staff members about any Single Touch Payroll changes, including potentially changed access to PAYG summaries?

CURRENT PROCESSES

  • Have all your current staff signed and filed their Tax File Number declarations?
  • Have all employees been issued the Fair Work Statement?
  • Have you checked to ensure all your current wages and super contributions are compliant? The ATO will now have real-time access to this information, and can easily penalise businesses who aren’t paying the correct wage or super contributions.
  • Will you need to automate any current manual processes for onboarding new employees?
  • Is your current payroll software being updated to reflect the STP changes? Contact your provider.
    • If your software isn’t being updated, you may want to seek an alternative software going forward to ensure you aren’t caught on not reporting to the ATO on time.
    • If your software is being upgraded, check to ensure it will complete in time for your roll-out date. Also, check to ensure that your provider is going to submit the details to the ATO automatically.
    • If you aren’t currently operating a payroll software at all, the ATO recommends finding an appropriate technological payroll solution as soon as possible. You can find out more about payroll software providers here.
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