How to get ready for STP reporting?
There are several options available to help you switch to STP reporting.
• If you use payroll software, you may be able to complete your STP reporting directly in your payroll software in as little as a few clicks.
If your payroll software isn’t fully STP enabled, you’ll need to extract a file to upload into another service, such as a mobile app or website, that will submit the information to the ATO on your behalf.
This means that you’ll need to find and select an STP service provider in addition to your payroll software, read on for more information about available STP providers.
• If you use a bookkeeper or accountant, they may already have a solution in place and can help your business transition to STP reporting.
If your payroll software provider, bookkeeper or accountant hasn’t already reached out to you to let you know their approach, it’s best to contact them to find out.
• If you manage your own payroll, this could be a good time to consider whether using one of these services will benefit you.
If none of the above are for you, there’s a range of low-cost STP solutions for employers who need to report through STP, but don’t have payroll software.
The ATO maintains a list of companies offering, or intending to offer, low-cost STP solutions. To be eligible, these solutions must cost less than $10 per month, take only minutes to complete each pay period, and do not require you to maintain software.
You can view these providers at Low cost Single Touch Payroll solutions.
Worried about being ready in time?
The ATO acknowledges that some small businesses, particularly those that don’t currently use payroll software or those with intermittent internet access, may find the transition to STP more difficult.
They’ve highlighted there’ll be a lot of flexibility for very small businesses. For example, those without payroll software will be able to comply with STP reporting through their Business Activity Statements, and employers with four or less employees will only have to submit STP reports quarterly for the first few years.
The ATO will also provide deferrals or exemptions for small businesses in certain circumstances, like those that were made available to employers with 20 or more employees in the lead up to their 1 July 2018 deadline. To find out more about STP deferrals and exemptions, including how to apply, visit the ATO’s Single Touch Payroll deferrals.
Where can you find more information? To find out more about STP reporting, including getting ready, visit the ATO’s Get ready for Single Touch Payroll.
By Matt de Largie, Manager of Digital Enablement, Sunsuper
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