Single Touch Payroll 2019 Some things you need to know

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Key Dates:

June 21

  • Lodge & pay May 2019 BAS

June 25

  • Super Guarantee contributions must be paid by this date to qualify for a tax deduction for the 2018/2019 financial tax year

July 14

  • Payers must issue PAYG Payment Summaries to employees

July 28

  • Final date for lodgement and payment of April —- June BAS

August 14

  • Final date for lodgement of PAYG Withholding Summaries Annual Report

The Key Measuresof STP

Single Touch Payroll or STP started gradually for larger employers from 1 July 2018 and will start from 1 July 2019 for smaller employees with 19 or less employees.

STP is a new wayof reporting tax and super to the ATO. There are provisions to delay starting under certain criteria and concessions for micro employers with 1-4 employees.

Using payroll software or approved other STP solutions, employers will send to the ATO their employees wage and salary data, PAYG withholding and super information
each time your employees are paid.

This means:

  • Your pay period does not change
  • Super is reported each pay period
  • Employers no longer have to do a Payment Summary(Old term group certificate) for information reported and finalised thru STP as this will be available to employees on myGov
  • All STP information will need to be finalised at the end of the financial year so the ATO can provide this information to your employees to complete their tax returns

The Benefits of STP

  • STP saves time & lets business owners focus more on running their business
  • STP aligns government reporting to the changing digital world in line with other major online businesses such as banking etc
  • Less paperwork but any information not reported thru STP must still be provided on a payment summary.
  • Employees can now see their information in real time on myGov
  • No more payment summary annual reports (PSAR)

Choose a payroll or accounting software that offers STP reporting or ask your accountant or BAS agent to report on your behalf.

Talk to your tax professional about STP compliant products and software and what exemptions are available to certain employers.

We are happy to discuss and help you for any query on STP

If you have any queries regarding the above matters please do not hesitate calling myself, Andre Christian, Accredited Superfund Auditor or either of my partners:

  • Jennifer Chen: Tax Partner or
  • Richard Wakefield: Financial Planning Partner
  • On (02) 9829 3111 Fora free consultation
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Andre Christian
Andre Christian is a Registered Company Auditor having gained his initial training at Ernst & Young before becoming Audit Manager at Grant Thornton National firm, Thompson Douglas & Co Chartered Accountants. His passion for business improvement, more efficient trading structures and preparing business valuations for both clients and expert court reports led him to form his own practice Christian Fox Accountants. He is a long and proud resident of the Macarthur region with a young family Having grown up in Long Point, Macquarie Fields Scenic Nature Reserve. He took over the previous offices of Arthur Young Chartered Accountants where they were based in Ingleburn. A current Director of a local Not for Profit Organisation assisting community health issues in Macarthur and an active local Rotarian. Proud to be involved with the Smarter Macarthur Business Magazine as a founding contributor to Smarter Advice B2B.