Single Touch Payroll
Small business owners are some of the hardest-working people around – according to some surveys, more than 1-in-4 small business owners regularly work 50+ hour weeks.
Many small business owners are notoriously time-poor, with much of their spare time being taken up by clerical and administrative tasks such as bookkeeping and payroll.
While modern bookkeeping and payroll software have made the process significantly easier and faster than the old days, there are always improvements to speed up the process.
And that’s exactly what Single Touch Payroll (STP) offers!
What is Single Touch Payroll?
Single Touch Payroll an easy and fast way of meeting your ATO reporting obligations.
Rather than calculate and compile PAYG tax and super contributions in a single statement at the end of the financial year, STP automatically transmits this information from your accounting software straight to the ATO whenever you do pay runs.
You won’t have to change anything about the way you handle pay runs either – you can stick to your existing cycle, and continue paying your employees as usual.
What’s in it for me?
In a single word, time.
Small business owners are busy people. Single Touch Payroll saves you time by essentially automating your reporting – you won’t have to compile an annual payment summary report to send to the ATO anymore.
STP also makes things easier on your staff. As the information is automatically transmitted to the ATO, employees will be able to check their income tax payments and contributions to their super funds in real-time on myGov.
Do I need STP?
Recently, Parliament voted to extend STP reporting requirements from large businesses to small businesses as well, including micro businesses with less than four staff.
As of 1 July 2019, the vast majority of Australian businesses will be required to use STP to report payroll information to the ATO.
However, there are a handful of businesses that are exempt from STP reporting, such as businesses in areas without internet access. Click here to find out if you qualify for an exemption, or contact the ATO directly for a deferral.
Transition to Single Touch Payroll with Maximum Business Solutions
We make your bookkeeping easier and faster – simple as that.
Maximum Business Solutions works closely with clients to devise individual bookkeeping packages.
Our suite of cloud bookkeeping services allow business owners like you to meet your ATO requirements quickly, easily, and effortlessly.
That includes preparing your small business for Single Touch Payroll.
We understand the needs of business owners like yourself and work closely with you to help them meet their bookkeeping requirements.
With extensive experience in software implementation and training, we make the transition to STP seamless – all while improving the rest of your bookkeeping while we’re at it!
Released in 1991, MYOB is Australia’s premier accounting software – one that we’ve been partnered with for years.
If your business already uses MYOB for its bookkeeping needs (and there’s a good chance it does), get in touch with our MYOB bookkeepers.
We can upgrade your MYOB suite, allowing you to unleash the full potential of cloud bookkeeping while also preparing for the introduction of Single Touch Payroll.
Make your bookkeeping easier with Xero!
In addition to making your bookkeeping significantly easier and faster, Xero is designed with modularity in mind.
Extra functions and features can be “dropped in” with nothing more than handful of clicks thanks to an impressive range of extensions and add-ons.
All of this makes adding Single Touch Payroll to your Xero package simple.
Eager to enjoy the benefits of using Xero for your bookkeeping? Get in touch with Maximum Business Solutions for Xero implementation and training.
I am writing to thanks you for providing such a fabulous service to my clients. I am always able to refer your services with pride, knowing my clients will be well looked after by your skills, software expertise and caring training style.
KA Sail Australia
We have always received excellent service and professional advice and are happy to recommend Maximum Business Solutions without reservation.
I have no hesitation to involve Maximum Business Solutions in my business and very content to refer Janina to any small/large business looking for tailored Book-keeping needs and accounting solutions.