What’s New!

S.T.P – SINGLE TOUCH PAYROLL

24/06/19: Employee payroll information. When it comes to employee payroll it is a good idea to follow ATO compliance, especially when it comes to reporting and record keeping etc. Also don’t forget to be STP (single touch payroll) compliant. 

When hiring people, it is a good thing to do the following general basics on top of being well organised with payroll:

1. 1. Have records/ personal info regarding the new employee – providing the employee with a small start up pack containing
      • A new employee data form for personal details
      • Tax file number form (TFN form)
      • Time sheet form for daily hours  worked – if applicable
      • NES (National Employment Standards) form from fairwork commission if applicable. 
      • Engagement letter or employment agreement – if applicable 
      • Keep all the above info in a manila folder for each employee so that it is readily available when needed
   2. Now that we have to comply with STP, it is a good idea for those that produce employee payroll manually to purchase an accounting software program that will handle STP
   3. Make sure that you are following the correct pay award schedules that applies to your business according to fair work commission or Wageline, whichever is applicable.

For those that are starting a new business or for those that will be hiring people for existing businesses, it is wise to take payroll seriously and comply as required

Next month I will be explaining the differences between what is an employee and what is a contractor for employment purposes

Please contact us here at Ethos Accounts for further information or to help you set up a payroll system for your business

28/03/19: Parliament has now passed legislation to extend Single Touch Payroll (STP) reporting to include all small employers (those with fewer than 20 employees) from 1 July 2019. STP is pay day reporting by employers to the ATO as it happens, this reporting having started on 1 July 2018 for large employers (20 or more employees):

• • Small employers can start reporting any time from the 1 July start date to 30 September 2019. ATO will grant deferrals to any small employer who requests additional time to start STP reporting.
  • There will be no penalties for mistakes, missed or late reports for the first year.