Modern Australian
Men's Weekly

.

How Single Touch Payroll could impact businesses in the Central Coast of NSW

  • Written by News Company


Single touch payroll is a new regulation that changes the reporting system of every business to the Australian Tax Office (ATO). All Australian small businesses, including Central Coast of NSW with over twenty employees before July 1, 2018, are required to report payroll details every after pay. This has been made mandatory from July 1, 2019. Before, businesses are reporting this information only once a year. But now, they need to report after each payday. Payroll reports must be submitted electronically following a very specific format.

The Single touch payroll system contains the salaries and wages, Pay As You Go (PAYG) withholding, and Superannuation information. Since the reporting is done in digital format and in real-time, there is no need for businesses to provide their employees with the payment summary report at the end of the financial year. The ATO will provide this information. The employees will need to access their myGov account to see their payment report.

Single touch payroll is implemented with the aim to increase transparency over payrolls and also to ensure that employees meet their tax obligations. With this system, ATO can closely monitor on employers to ensure that PAYG and Super are paid on time for employees.

Many business owners felt anxious about this change, and for some, it's not that easy to adapt. However, this change is a positive one. You may need to train your payroll staff and upgrade your accounting software. Or you can work with a bookkeeper on the central coast to help you adapt to the change quickly. Not only a bookkeeper can speed up your transition, but it also will help your technology ready.

All in all, single touch payroll offers lots of advantages, especially to small business owners. Some of these are:

Simplify the reporting process

This means you will no longer spend too much time on making a payment summary report at the end of each quarter or year. With STP, business owners just need to submit the essential payroll data such as salaries, allowances, PAYG, deductions, and super. It is then the duty of the government to align this payroll information. There is no need to act at a later date since this process is in real-time. You can free up your time to attend to more important business stuff.

Less error

Mistakes in salary payment are quite a common challenge. With the help of STP, the ATO will pre-fill business payroll statements to be given to the employees. There is no need for the business to go over financial statements again, which can cause double handling. The system will help prevent human error in preparing the employee's payroll statement. This will also help business owners avoid paying penalties for getting the report wrong.

Easy access to new employee information

Employers won’t have to require their newly hired employees to submit their tax file number and superannuation information. With STP, these details can be accessed directly through myGov. They can acquire data easily without chasing employees that don’t give out that information right away.

No need to provide payment summary to employees

The figures taken from STP will be made available online by ATO for employees through myGov. This means your employees can view their payment information via online service, including their tax and super information. This will increase employees' awareness of their own tax positions. This is more helpful for those who have multiple jobs, and they can access their information in a much timely manner. Employers, therefore, won't have to generate and give out summary reports to employees, saving them time and money.

Business efficiency

STP aims to encourage businesses to digitalize. Businesses who embrace new technologies are known to grow best. While this process involves investing in new payroll software, shirting to the new and modern system will help make the business process efficient and more competitive.

Ultimately, ATO is promoting Single Touch Payroll aiming to have a smarter, automated, and more efficient Australian tax system. The goal is to make the life of both employees and employers easier.

As a business owner, you don't always get what you want, but it's essential to get what you need. Moving to STP is a great way to jump to the digital payroll system and start experiencing the power of real-time information.

Business

Designing Secure Content APIs in Headless CMS Environments

APIs are what enable content to be delivered from a headless CMS to anywhere digital content can exist from websites and apps to IoT and more. Yet while the headless...

The Role of Mining Equipment Suppliers in the Industry

Mining is one of the most essential industries, driving the global economy by providing raw materials for manufacturing, energy production, and infrastructure development. Behind every successful mining operation lies an...

Cross-Continental Collaboration: Nutifood and Viplus Dairy to Create Australian- Standard Premium Dairy Brand

Vietnam’s Nutifood has officially entered a strategic partnership with ViPlus Dairy, a heritage-rich dairy manufacturer with over 130 years of experience in Gippsland, Australia, to establish an international joint venture: ViPlus...

Commercial Plastering Can Boost Your Business Appeal

In business, appearances matter. The way your space looks sets the tone for how clients, customers, and even your staff perceive your brand. A well-finished interior is more than just...

Australian Study Woes – What is a Confirmation of Enrolment?

Recent changes to Australian study visas are altering the landscape for international students who want to learn and work on our shores.  To secure an Australian visa, international applicants will now...

The SEO Benefits of AI-Optimized Landing Pages: Smarter Metadata, Faster Load Times

Landing pages are integral to the conversion funnel in digital marketing. Yet, when SEO works well to drive traffic to the landing page, it's just as crucial for the design...

Brisbane Road Accident Lawyers and Bus Accident Compensation

Navigating the aftermath of a road accident in Brisbane, especially one involving a bus, can be a daunting experience. Whether you’re a passenger...

Freezer Room Hire in Perth: The Ultimate Solution for Reliable Cold Storage

Ever found yourself in a cold storage crisis and wondering how to save your perishables before they go bad?   Well, this isn't something new. Pe...

Why Exterior Window Cleaning Is More Than Just Aesthetic

Most people see window cleaning as a finishing touch. Something you do before guests come over or when the smudges finally start to annoy you. It is...

How Duct Inspections Can Save You Money Long-Term

Ever noticed your energy bill creeping up without changing your habits? It is more common than you might think, especially in Melbourne homes where ...

Designing Secure Content APIs in Headless CMS Environments

APIs are what enable content to be delivered from a headless CMS to anywhere digital content can exist from websites and apps to IoT and more. Yet whi...

How to Choose the Right First Aid Kit for Your Workplace

Ever walked past your workplace first aid kit and wondered if that dusty box actually contains what you'd need in a real emergency? We know that fee...

The Role of Mining Equipment Suppliers in the Industry

Mining is one of the most essential industries, driving the global economy by providing raw materials for manufacturing, energy production, and infr...

From White Belt To Warrior: How To Train Your Body For BJJ Endurance

Brazilian Jiu-Jitsu (BJJ) is as much a mental chess match as it is a physical grind. Whether you’re new to the mats or prepping for high-level com...

Driving After Brain Injury: Common Challenges and How To Overcome Them.

Suffering a traumatic brain injury (TBI) can drastically influence a person's ability to drive safely. For many, driving represents independence, bu...

The Psychology of Stepping Up: Why We Avoid Helping—and How to Fix That

Most of us like to think of ourselves as kind, helpful people. We imagine that if someone needed assistance—especially in an emergency—we’d st...

Cross-Continental Collaboration: Nutifood and Viplus Dairy to Create Australian- Standard Premium Dairy Brand

Vietnam’s Nutifood has officially entered a strategic partnership with ViPlus Dairy, a heritage-rich dairy manufacturer with over 130 years of ex...

Commercial Plastering Can Boost Your Business Appeal

In business, appearances matter. The way your space looks sets the tone for how clients, customers, and even your staff perceive your brand. A well-...

How to Transfer Registration When You Buy a Used Car in Brisbane

Purchasing a second-hand car can be a thrilling experience, but there's more to it than simply handing over the cash and driving off. One very impor...

Expert Tips for Comparing Budget Movers and Energy Providers For a Modern Apartment

Starting a new life in a modern apartment can be a challenging yet exciting step. While moving into a modern apartment, people always need reliable ...

Slowing Down in Nature: My Experience on Orchid Classic Cruise in Lan Ha Bay

Why Orchid Classic is a Top Choice for Lan Ha Bay Lan Ha Bay, a hidden gem adjacent to the more famous Ha Long Bay, offers travelers a quieter and ...

Your Next Travel Essential? Why Aussies Love Lightweight Electric Wheelchairs

Planning for a trip or just getting around town? A lightweight electric wheelchair could be your perfect travel mate. Whether it’s a stroll throug...

Australian Study Woes – What is a Confirmation of Enrolment?

Recent changes to Australian study visas are altering the landscape for international students who want to learn and work on our shores.  To secur...

Metal lockers vs. wooden lockers: which is better?

Lockers—the ultimate background hero of the workplace. They might not have the flashiness of that overpriced espresso machine in the break room, b...