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Reminder: Single Touch Payroll

Clients are reminded that legislation has been passed to extend Single Touch Payroll (STP) to all employers from 1 July 2019. For clients not already reporting under the new STP regime, a general summary of the new requirements are summarised below.

MICRO EMPLOYERS (Employers with 1 — 4 employees)
This applies to micro employers that currently do not use payroll software. The ATO has a list of no-cost and low-cost STP software solutions to assist micro employers. This list can be found at …

http://www.ato.gov.au/business/single-touch-payroll/in-detail/low-cost-single-touch-payroll-solutions/

Micro employers can also have their BAS or registered tax agent report their STP data quarterly rather than each time they run their payroll however this option is not recommended by Stanton Mienert given this option ceases 30 June 2021.

SMALL EMPLOYERS (Employers with 5 — 19 employees)
Small employers may determine when to apply the new reporting requirements under one of the following 3 options:
• Commence reporting anytime from 1 July 2019 through to 30 September 2019;
• Apply for an extension (we do not recommend an extension unless you have extenuating circumstances);
• Apply for an exemption e.g. If you live in a remote area with no internet connection.

EMPLOYERS WITH CLOSELY HELD PAYEES
Closely held payees include:
• Family members of family-owned businesses;
• Directors or shareholders of a company; or
• Trustees or beneficiaries of a trust.
Employers with 19 or less employees are exempt from the STP reporting requirements for closely held payees until 1 July 2020.

Please note however, that all other employees must be reported through STP from 1 July 2019.

Should you have any queries or require further assistance in relation to your specific payroll circumstances, please don’t hesitate to contact our office on (07) 3341 6966.