Answers to your questions on Single Touch Payroll (STP)
June 5, 2019Women Small Business Owners
March 8, 2020There are less than two weeks left to the end of the financial year!!!
If you are an employer, make sure that you are ready for the upcoming mandatory reporting requirements.
Single Touch Payroll – subscribe to Payroll Software and Register for Single Touch Payroll as soon as possible. From 1st July 2019, all small businesses will need to send the pay run data to the ATO electronically.
PAYG Summaries – Provide employees with Payment Summaries before 15 July. Review your payroll data against the general ledger to ensure results match prior to issuing payment summaries. If results do not match check pay run history and make any necessary adjustments. This is also a good time to ensure the annual leave entitlements for all employees are accurate.
PAYG Withholding Annual Report – This needs to be lodged with the ATO as soon as the payment summaries are issued to employees. Once this report is lodged, employees can lodge their tax returns. The ATO uses this information to pre-fill employee tax returns. This annual report is due on 14th August and provides information on the wages, salaries and other work-related payments you have paid over the financial year.
Accounting Software – For some accounting software the user needs to close the payroll period and update the tax tables. In other software, it is updated by the service provider. The accounting software you use will provide you with updates that include new tax tables to start the new financial year. Start the new financial year on the right track and when completing your first pay run check that you are using the current PAYG withholding rates for your employees with the ATO tax tables.
Superannuation – Payments for the quarterly superannuation period ending 30th June are due on 29 July 2019. To be compliant small businesses need to pay super contributions for your employees electronically and send the associated data electronically. Allow for sufficient processing time.
Payroll Tax – If you are registered to lodge Payroll Tax, you must submit wage details every month to the State Revenue Office, even if you do not have a payroll tax liability in any particular month. Employers must lodge an annual reconciliation by 22nd July each year.
Business Activity Statements – The BAS for the period ending 30th June 2019, is due on the 29th of July 2019. Ensure the final BAS lodgement for the year include adjustments for any errors made in the previous BAS submissions this financial year.