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Single Touch Payroll – How to get your Small Business Ready

Single Touch Payroll – How to get your Small Business Ready

Now that Parliament has passed legislation to extend the operation of Single Touch Payroll (STP), making it mandatory for all businesses (including micro employers, 1-4 employees) from 1 July 2019, there is no longer any doubt that every Australian business needs to be ready. From your accounting software to organising your employees’ information, there are a few things you should have ready to go well in advance of the deadline.

Get STP-compliant software

This is perhaps the most disruptive change to many small businesses. For those that have been using desktop-based accounting software, or not using a software package at all, it’s time to get on board. Up to this point, there has been a moderate push for small businesses to embrace the cloud as it provides improved efficiency, business improvement tools and easier compliance – but STP has now made getting the right software crucial. Popular providers such as Xero and MYOB offer a range of products and levels to suit all businesses, as well as support in using the product and getting the most out of it. The right software package means STP reporting can be carried out with only a few clicks, making the transition far less daunting than some may perceive.

Have your employees’ information on hand

If you’re yet to get started with cloud accounting software, making the transition over means you’ll need to have the information of any employees you have ready to go. Make sure you’ve got the following on file for each employee before you take the first steps:

  • Name
  • Date of Birth
  • Tax File Number (TFN)
  • Home Address
  • Superannuation details (Fund Name, Member # etc.)
  • Leave Balances/Entitlements

Having this data will not only make the transition onto the cloud easier, but also ensure that the software itself will have everything it needs so you can get the best out of it.

Get in early

Most importantly – don’t leave it until the last minute! As with many transition periods and changes in business, small roadblocks and speed bumps can appear throughout the process. Also, the end of financial year period often proves to be far busier for the majority of businesses, so delays in getting yourself STP-ready can leave your business at the mercy of the 30 June panic. You can get ahead of the curve by kicking off the transition to the cloud now, and your 2019 year-end work may just be the easiest you’ve ever had!

Our CFO2Go team are experts in helping businesses get onto the cloud and streamline their bookkeeping processes. Not only can we prepare your business for the reporting obligations that come with Single Touch Payroll, we can also transform the way you do business through innovative technologies and leveraging our significant experience working alongside businesses from a range of industries. Get in touch with us today to see how we can help you and your business via our website or call 08 0391 2200.

CFO2go

written by:

Highly qualified and experienced in accounting, taxation, wealth, finance, business development and mentoring, the cfo2go team provides businesses with a full-time professional focus for a part-time cost. A major advantage of cfo2go for increasingly cost-conscious business owners is the ability to access a broad range of professional financial expertise with the one budget.

https://cfo2go.com.au/

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