SMALL businesses with fewer than 19 employees are being reminded to prepare for the Single Touch Payroll (STP) ahead of the September 30 start date.
STP has become mandatory for all small employers as of July 1, 2019, however the Australian Tax Office (ATO) granted an extension, allowing businesses more time to get ready until September 30.
Some employers and industries have unique circumstances and the ATO understands that some may need more time to get ready. The ATO is working with employers to ensure they understand their options for STP, whether that is reporting now, getting a deferral, or working with their tax or Business Activity Statements agent to report quarterly (if eligible).
There are also concessions available for employers with unique circumstances, such as those who employ family members or ‘closely held’ payees, micro-employers with one to four employees, those who employ intermittent/seasonal workers, or employers who do not have access to a reliable internet connection.
According to the ATO, more than 400,000 employers are already reporting their employees’ tax and superannuation information digitally through STP.
To help small employers understand their options, the ATO has developed a range of handy factsheets and other resources, which are available at www.ato.gov.au/Business/Single-Touch-Payroll/
