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Navigating Single Touch Payroll (STP)

First things first, let’s break it down. Single Touch Payroll (STP) is essentially the ATO’s way of keeping a watchful eye on your payroll. Every time you pay your employees, you need to report the details to the ATO in real-time. Sounds simple enough, but trust us, it can get pretty messy if you’re not careful.

Picture this: you’ve just finished running payroll for the month, feeling pretty chuffed with yourself. But hold up, did you remember to include all those allowances and deductions? And did you code everything correctly?  If you overlook something or miss a lodgment deadline you could have some pretty unhappy employees and /or incur a penalty from the ATO…..

And let’s not forget about the bigger picture here. Accurate payroll reporting isn’t just about keeping the ATO happy, it’s also crucial for your employees. After all, nobody wants to be short-changed on payday. Avoidable payroll delays, errors or issues cause unnecessary friction with your staff, and those issues often ripple out to affect all parts of your business. When your payroll is accurate and on-time your team are more likely to be happy, leaving you to focus on what you do best – running your business.

For many business owners, STP represents a significant headache. Unless you are a professional STP bookkeeper, it is unlikely you have the time or resources to ensure you are completely up to date with the ATO’s evolving requirements of Single Touch Payroll (Phase 1, now onto Phase 2)

Professional general bookkeepers possess the expertise and experience to process Single Touch Payroll entries accurately and ensure everything balances and reconciles ready for End of Year Finalization (what used to be called Payment Summaries) with the ATO. Another reason that bookkeeping in Australia (with local talent) is important.

Engaging professional STP bookkeepers will ensure greater accuracy and compliance, on time lodgments and happier staff  all while freeing up valuable time for business owners to concentrate on their own workload. It is a smart business decision.

Business Angels is a team of professional and experienced STP bookkeepers and BAS Agents and we are here to help!!!  Our team support businesses all over Australia with their general bookkeeping and Single Touch Payroll requirements. We can work with whatever system you use to manage your timesheets and employee payroll, and if you need suggestions on introducing improvements to your systems we would love to help.

If you are looking for assistance with the Single Touch Payroll requirements for your business please connect with Kate to discuss what you need and how we can help….