Do you know what that means?

SINGLE TOUCH PAYROLL what does that mean?  It is your legal obligation to be STP ready.

You may be resistant! Too much “big brother” feel for your liking? Like it or not it is legislation for all businesses come 1st July 2019, so you would be wise to get ready now.

Essentially STP is automation, in that on issues of a payslip, tax and super is paid and reported. A big advantage of this is no more PAYG payment summaries to issue at end of the year (ie Group Certificates), it is also great for cash flow and for your business to be kept up to date in its’ payroll obligations, with no pending liability looming ominously over you and your business.

One of the ways to get started (you will enjoy the benefits of automation) is to make sure you have your Superannuation payments automated through your accounting software. Both Xero and MYOB have excellent Super reporting and seamless online payment features using their own super clearing-houses. So, stop doing the extra work of logging into superfund clearing houses outside your accounting software or paying directly into super funds (shock horror! which you should not be doing anyway).

So, if you have not transitioned your accounting and financial processes online and to the cloud, the deadline for STP could be the catalyst to get you there. Don’t leave it to the last minute. You need to set up now and get it all working before the deadline.  At the very least aim to have it set up before the last quarter of this financial year so you can feel confident and at ease about your legal obligation from July 1st, 2019.

Contact us at ALX Group to be STP ready and meet the deadline.