Account Aspects hosted a Single Touch Payroll event at the Exchange Hotel on the 16th May 2019. The purpose was to inform as many business owners as possible about the legislative changes affecting business. It is the biggest change since the introduction of GST in July 2000. Any business employing staff from the 1st July 2019 will need to be complaint. We hosted this event, to assist with a smooth transition to Single Touch Payroll.
What is Single Touch Payroll (STP)?
Single Touch Payroll is changing the way businesses report their wages, PAYG and superannuation to the Australian Taxation Office. It connects your payroll software directly with the ATO sending your payroll information electronically every payrun. This means you will need STP ready software to process wages for your staff. Xero have released a payroll only solution helping businesses with the new legislation.
Why did Account Aspects host this STP event?
Account Aspects is dedicated to empower small business owners to improve their business insights. We embrace change and know this can be difficult for some people. Payroll is a big part of our weekly bookkeeping services for business owners and we knew these changes would affect them. Single Touch Payroll can have a big impact on businesses if not taken seriously to become compliant. We have participated in webinars and other events to train ourselves on the changes to support business owners. Hosting a Single Touch Payroll event was our opportunity to bring business owners together with STP experts before the upcoming changes.
Why did Amanda Gascoigne present?
Amanda Gascoigne is a Chartered Accountant who is a member of the ATO’s Single Touch Payroll Readiness Working Group. She is an advocate for STP publishing information through her blog and our expert presenter for the evening. Amanda explained why the ATO is introducing Single Touch Payroll. With $50billion black economy, $2.85billion in unpaid superannuation obligations, this new legislation will create a level playing field and protect employees’ entitlements.
Amanda’s mission is to assist business owners to connect with Accountants and Bookkeepers for a seamless transition to Single Touch Payroll. She provided an insight to how the ATO will use the information and that it is a good thing for both employers and employees. Amanda opened the attendees eye to the many benefits to STP.
How does Xero help with STP?
We have partnered with Xero since 2011 and admire their commitment to constantly evolve their cloud based accounting software. Xero inspire us to break the mould, embrace technology and find efficient solutions for our business and clients. Our Xero Account Manager, Michael Gerges together with Sam Thing came to support our event and showed attendees how Xero helps with STP. Sam demonstrated Xero payroll, getting connected with the ATO and what to do if you receive an error when lodging. He also stated the importance of having a bookkeeper on board to ensure your payroll is reported accurately to the ATO.
How do you ensure your STP is accurate?
To cap off the event, Leigh Cummings from Account Aspects showed us how we ensure payroll figures are accurate before they are sent to the ATO. Lodging your Single Touch Payroll information is more than just a click of the button. Leigh uses Xero reports including payroll activity summary, profit & loss and balance sheet to verify the accuracy of your payroll information. We also confirm your bank reconciliation and ensure your wages payable accounts are in balance. She understands that being a business owner, time is hard to come by. Being a business owner, it is your responsibility to process your payroll and pay your obligations on time. You don’t have to do it alone. Our services help you transition to Single Touch Payroll and pay your obligations before the deadline.
What was the key take away?
Everyone left the event learning something new. Single Touch Payroll is not something to be fearful about. The ATO introduced this new way of reports to put businesses on a level playing field. It is fair and beneficial to both employers and employees. Cloud accounting software helps business owners do business more efficiently and same time. STP is not just a click of a button and Account Aspects services will ensure a smooth transition.
How can you get started?
There’s never a better time to get started than now. Your employees will thank you when they receive their payslips weekly and be assured their money will be in their bank on time. Our services include upgrading your current accounts to Xero and training you how to use the software. We also customise our bookkeeping packages including payroll tailored to your business needs. Take the stress away from your business, ask for guidance and contact us today.