How the new Single Touch Payroll (STP) legislation will affect your business?
Does your current software offer single touch payroll?
Payroll has gone through a significant legislative change in 2018. From the 1st of July 2018, Employers with twenty or more employees are reporting to the ATO through single touch payroll unless granted a deferral.
You might be wondering what Single Touch Payroll is?
It is really quite simple. STP or single touch payroll is a new reporting method of sending employee payroll information to the ATO. Information such as salaries, wages, PAYG withholdings and superannuation will be reported directly to the ATO in the standard pay run, instead of at the end of the financial year. Giving the employee easy access to up to date payment information.
STP will save businesses valuable time around the end of the year without having to process all those employees, it’s already done making it much easier. By the start of the financial year in 2019, all organisations will need to report through STP as it will become a mandatory requirement for all businesses. This will be a gradual transition and the ATO are providing flexible options for the first few months.
If you are struggling with business solutions, do not worry, as we can provide your business with a solution to ensure you will be in compliance with the ATO while providing software to utilise STP and provide Australian Payroll on D365. When looking at whether your current software is able to integrate your payroll and other business processes. You cannot look past Microsoft Dynamics 365 for Finance & Operations.
At DFSM Consulting, we will help to find the perfect Microsoft Dynamics solution for your business, regardless of size or industry. Contact Us Today.