Are you procrastinating over Single Touch Payroll? 28th Feb deadline is looming.
Single Touch Payroll is now in force for businesses of all sizes, with small employers needing to begin STP reporting since 30 September, 2019. 600,000 employers are now using STP reporting for over 17 million employees.
Despite the passing of the 30 September deadline, there will be no penalties for mistakes, missed or late reports for the 2019–20 financial year for small businesses, as the ATO adopts a facilitative approach in implementing the new law change, with penalties commencing from 1st July, 2020.
However, micro employers with one to four employees who wish to use the quarterly reporting concession have been reminded by the ATO to apply for the concession now, ahead of the 28 February 2020 cut-off date.
Quarterly reporters MUST lodge their December quarter by 28th February and MUST have applied for the concession. The ATO have advised they will be less generous in accepting reasons for Quarterly reporting after this deadline.
With just under 40,000 applications for deferrals, exemptions and quarterly reporting concessions received by the ATO to date, they advise there is still a significant portion of the estimated 750,000 small business population that are still not STP-ready. The ATO advise that their data shows that 3.2 per cent of small employers are covered by a deferral or exemption, or have been granted a quarterly reporting concession.
If this is you - relax, we can help. Give BalanceWell Bookkeeping a call on 0431 103 527 to assist you to:
find a software solution that’s right for you or set up your existing software;
implement and train your staff on STP compliance processes;
check your eligibility for a concession, eg reporting quarterly at the same time as your activity statement;
asking for more time if you're not ready.
Judy Carse of BalanceWell Bookkeeping states “Businesses have long been using systems to pay their employees; now that system reports the same information to the ATO. We are finding that with a little bit of preparation and knowledge, we can implement and manage STP with minimal interruption and smoothly integrate it into your everyday business process”.
If you are a small business and you need a new bookkeeper, need some training or need to get your books and accounts back into a working order so you can grow your business with new clients and more sales, please get in touch today and let us help you.
For more information, please contact Judy on 0431 103 257 or email at email@example.com to arrange an appointment.