To avoid submitting inaccurate information to the ATO when STP starts.<\/p>\n

\n
• Is your PAYG withholding calculating correctly on your employee salaries and wages?<\/li>\n
• Are your employee superannuation payments calculating correctly via a SuperStream compliant solution?<\/li>\n
• Is your employee data accurate and up to date?<\/li>\n<\/ul>\n
  \n
  1. Evaluate your current payroll solution<\/strong><\/li>\n<\/ol>\n

     Review your current payroll process to ensure you are compliant when STP begins.<\/p>\n

     If you\u2019re currently using accounting software\u2026<\/strong><\/p>\n

     \n
     • Is your current payroll solution enabled for STP, or will it be?<\/li>\n
     • Do you need to upgrade your payroll software?<\/li>\n
     • What should you do if your software provider won\u2019t be ready by 1 July?<\/li>\n
     • How much time do you need to implement changes, if necessary?<\/li>\n
     • Will there be costs associated with implementing STP?<\/li>\n<\/ul>\n

       If you\u2019re currently using a third party service\u2026<\/strong><\/p>\n

       \n
       • Is your third party solution using an STP compliant solution?<\/li>\n
       • Will your third party solution lodge your STP reports to the ATO on your behalf?<\/li>\n
       • Are there approvals required to facilitate the STP reporting process on your behalf?<\/li>\n
       • Are there additional fees for the creation or lodgement of STP reporting?<\/li>\n<\/ul>\n

         If you\u2019re currently using paper\u2026<\/strong><\/p>\n

         \n
         • Do you have a plan to update your processes? Note: Reporting payroll manually will no longer be sufficient to remain compliant.<\/li>\n
         • Will you switch to a payroll software provider or engage a third party to report on your behalf?<\/li>\n<\/ul>\n

           The move to STP is a significant one involving over 70,000 larger businesses, according to the ATO. However, it doesn\u2019t have to be a hassle or challenge for individual employers to ensure compliance.<\/p>\n

           By following the simple checklist above and getting prepared sooner rather than later, businesses will stand to benefit from a smarter, more efficient system of payroll reporting that saves them valuable time and resources during end of financial year.<\/p>\n

            <\/p>\n

           Source: Dynamic Business<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

           By Alex Alexandrou\u00a0<\/strong><\/p>\n

           KEY FACTS<\/strong><\/p>\n

           What:\u00a0<\/strong>Single Touch Payroll (STP)<\/p>\n

           When:\u00a0<\/strong>1 July 2018<\/p>\n

           By:\u00a0<\/strong>Australian Taxation Office<\/p>\n

           For:\u00a0<\/strong>Employers with 20 or more employees<\/p>\n

           *The STP will apply to employers with 19 or…<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":""},"categories":[3],"tags":[104,34,105,35],"acf":[],"_links":{"self":[{"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/posts\/1889"}],"collection":[{"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/comments?post=1889"}],"version-history":[{"count":1,"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/posts\/1889\/revisions"}],"predecessor-version":[{"id":1891,"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/posts\/1889\/revisions\/1891"}],"wp:attachment":[{"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/media?parent=1889"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/categories?post=1889"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/tags?post=1889"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}