A busy time for bookkeepers with Single Touch Payroll
With the introduction of Single Touch Payroll (STP) Xero announced at their recent road shows that they are tipping the busiest year of all time for bookkeepers.
There are up to 90,000 small business currently using paper for their payroll that will need to move across to a digital system. These businesses together with existing business will need to move to a STP ready solution for the legislated start time of 1 July 2019. This will create a significant work load for bookkeepers to set up these systems.
Most bookkeepers and businesses will be able to report to the ATO using their existing software packages.
Some software developers such as MYOB and Xero are building low-cost STP solutions at or below $10 per month for micro employers (1–4 employees) including simple payroll software, mobile phone apps and portals. Alternatively some micro employers will allow their registered tax or BAS agent to report quarterly, rather than each time they run their payroll.
If your clients are not able to start reporting through STP now, or by your software provider's start date, they are able to apply for a deferral using the online form at Single Touch Payroll – employer deferral request form.
Need to upskill on Xero or payroll? Check out our courses and discounts here.