Single Touch Payroll Single Touch Payroll (STP) commenced on July 1, 2018 for large employers (with 20 or more employees), however, from 1 July 2019 small employers (with less than 20 employees) are required to report details of employees’ tax withholding and superannuation information to the Australian Tax Office (ATO) at the time they process their payroll using Single Touch Payroll (STP) software. Single touch payroll is also called ‘real-time payroll reporting’ because it means every time a business pays their staff, all the salary information is sent to the ATO. This includes wages, deductions and superannuation information, eliminating the need for Pay-As-You-Go Withholding Activity Statements throughout the year. Businesses still doing payroll manually will be forced to adopt a digital system over the next 12 months now that employers with fewer than 19 workers are caught under the Single Touch Payroll (STP) reporting regime. It has been described as the ‘biggest compliance undertaking since the GST’, with more than 700,000 employers technically required to become compliant with the new system by 1 July, 2019. Employers may need to choose new payroll software if their current software does not offer Single Touch Payroll reporting and the ATO recommends employers speak with their registered Tax Agent or Accountant to establish which software product best suits their needs. The ATO requested software developers to build a low-cost Single Touch Payroll solution at or below $10 per month for micro employers. A register of more than 30 suppliers of these low cost STP solutions is on the ATO’s website and we understand the Tax Office has been discussing a possible digital banking solution with the major banks over the last 12 months. Why STP? Basically, it’s a more efficient way to run the taxation system. In theory it also makes it harder to operate in the ‘black economy’ because the ATO has a biter understanding of who is being paid what and when. Single Touch Payroll is designed to streamline business reporting and help the ATO monitor whether employers are complying with their Superannuation Guarantee and PAYG Withholding obligations. By reporting through Single Touch Payroll, employers need not complete Pay-As-You-Go Withholding Activity Statements throughout the year and Payment Summaries will be available to employees through MyGov. Implementing Single Touch Payroll and lodging reports may pose some concerns for business owners. The extension of STP reporting requirements to smaller employers raises the worry that they may not be aware of the changes and micro employers (four or fewer staff) may not have digital payroll software or access to a reliable internet connection. To assist, the ATO will : Offer Micro Employers (with 1 to 4 employees) help to transition to STP and other alternative options (for example, allowing those who rely on a registered Tax Agent each time their payroll is run); Allow small employers to start reporting any time from the 1 July 2019 to 30 September 2019 and granting deferrals to small employers who request additional time to start STP reporting Not apply penalties for mistakes and missed or late reports for the first year; and Provide exemptions from STP reporting for employers experiencing hardship, or in areas with intermittent or no internet connection. Finally, if you need any help with your payroll, withholding tax or superannuation obligations, please contact us today.   Is It Time for a Website Upgrade or Makeover? Courtesy of the internet, the business landscape has changed. In the old bricks-and-mortar world, your business’ shopfront could last for decades but in the digital and social era, you need to keep up with changing trends. Failure to adapt in the digital age could be the difference between boom and doom. Your website is often the first touch point with a prospective new customer so, it’s important that it makes a good first impression and meets their needs. Your prospective customers now turn to Google, your website and social media for answers. They start their buying journey browsing websites and gathering information, so your website is your silent salesperson, working 24/7, 365 days of the year. As such, your website is probably your most important marketing tool and for maximum productivity you need to perform some routine maintenance. Your website will always be a work in progress because Google and the other search engines crave fresh content. Remember, there’s always a competitor looking to leap frog you in the search engine page rankings for that key word or key term in your industry. With your website, if you think build it and they will come, think again. Your competitors are writing more blogs, adding videos, producing webinars and getting more Google Reviews to maintain or claim their page 1 ranking. Why? Research suggests the first page of Google captures 71% of search traffic clicks. If you’re not on page 1 you’re not in the ‘game’. When assessing if your website needs a makeover or rebuild you simply need to ask one question: Is your website contributing to your business growth? Time to Update Your Website? Let’s look at some of the warning signs that your business’ website might need an update, refresh or even rebuild. It’s Not You Anymore Businesses evolve and change. New products and new services are added to the mix. Does your website really reflect who you are and what you do? Are the graphics and images up to date? I recently visited another accountant’s website and the owner was wearing a cardigan and the photo was out of the 1990’s. The visual appearance is the first impression people get of your website and you need to look modern and fresh. If your website is a dog’s breakfast, then it needs a refresh. More white space and clean images will help but most importantly, does your content tell your prospects that you can solve their problems? You need to use plain English and tell your visitors what they need to know. Spell out your products and services and educate them so they make an informed buying decision. … Continue reading On The Money – March 2019