The Treasury Laws Amendment (2018 Measures Bill No.4) 2018 secured passage this week, meaning employers with 19 or fewer employees will have to report under STP rules from 1 July 2019.
The ATO has pre-empted this legislation by contacting small business clients and telling them that they don't need to wait for 1 July 2019 if they have STP-ready software.
An ATO online update says, “If their payroll software offers STP they can update their software and start reporting now.”
The ATO is also encouraging small employers to speak to their tax adviser for enquiries.
“We are letting them know that they can contact you if they have questions, and that their digital service provider will let them know when their software offers STP.”
How we get you STP ready
Currently we are assisting numerous clients through this process as well as conducting payroll risk reviews. Alternatively, many of our clients are utilising our outsourced payroll service which has become increasingly popular given it ensures payroll is managed efficiently and accurately.
If you would like to explore your payroll process and learn more about STP’s impact, please contact our payroll specialists on 1800 855 844.