ATO encourages small business owners to prepare for Single Touch Payroll

disadvantages of robo advisors

The Australian Taxation Office is encouraging small business owners to take some simple steps as they transition to Single Touch Payroll reporting (STP).

Single Touch Payroll is a new way for business owners to send tax and super information to the ATO from accounting software, however some software may need to be updated to allow STP reporting.

Assistant Commissioner John Shepherd said that the ATO would support businesses as they transition to STP reporting with a range of free online tools and services.

“We have already seen around 58,000 employers take the next step in streamlining their payroll reporting through STP, and we are now helping smaller employers get ready to do the same,” Mr Shepherd said.

The ATO also encourages business owners to review their employees’ superannuation entitlements to ensure they are paying the correct amount and keep accurate records.  Once businesses begin reporting through STP, employees will be able to view their super information and year-to-date tax online in myGov.

“Making sure your business processes are top of mind throughout the year will not only ensure your business is on the right track, it will help ease pressures when it comes time for end of financial year reporting,” Mr Shepherd said.

The ATO offers a range of free tools, calculators and services to help small businesses transition to STP reporting, which are available online at www.ato.gov.au

More about broker advertising uk