Whoops, did you miss the STP deadline? Here are your options:
The Single Touch Payroll ready deadline of 1st July 2019 has come and gone.
With 730,000 small businesses in Australia that need to comply with Single Touch Payroll, only about 15% have opted in by 1st July, 2019, which leaves still quite a few left to go through the process!
Employers with 19 employees or less are technically required to start reporting their payroll using STP from 1st of July. However, because this is a new system, the tax office has pledged to a light-touch enforcement approach over the next 12 months, and won’t start asking questions before 30th September 2019.
By 30th September, all employers are expected to be signed up for STP reporting. Or if you run a micro business – you can apply to report quarterly.
The good news is that the ATO advises that there will be no penalties for mistakes or late reports in the first year, and of course, exemptions are available if you are experiencing hardship or operate in an area with limited internet capabilities
So if you are running a business in Geelong and finding it difficult to find the time to sign up for Single Touch Payroll, it is best to contact the ATO before 30th September to apply for a deferral.
If your business still needs to work out your options for STP reporting, Abacus Training Solutions is happy to help you take the needed steps to be STP ready. Read more about Single Touch Payroll or using Xero payroll or Talk to us today.