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Benefits Of Single Touch Payroll Every Business Owner Should Know

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whiz Consluting

Many businesses have been trying to comply with Single Touch Payroll systems since the Australian Taxation Office has made STP systems mandatory. Many might not be able to make the change unless they are aware of the new system's benefits. The article aims to provide you with a solid understanding of what STP will do for your business and why you need to make improvements now.  

 

STP streamlines the reporting process  

The Australian Taxation Office (ATO) required that companies submit different reports. Nevertheless, this takes a great deal of time and creates unnecessary reports which may be avoided. That is why STP is necessary. All the information is sent simultaneously as the payroll is processed at the end of each month when this system is used.  

 

Among the information to be entered into the STP, the system is paychecks, allowances, deductions, and much more. It is evident that the reporting process has been streamlined and that all data is now available to the ATO simultaneously. QuickBooks payroll Australia also help in streamlining the reporting process. 

 

Minimizes the chances of errors  

When tax information is filed, human error can sometimes lead to inaccurate accounting by the ATO. Because of this, we are moving towards automating the submission of such information.  

 

Upon setting up Single Touch Payroll, the ATO automatically fills in the W1 and W2 labels for employers on their business activity statements. Having the right classification lets you know what type of information to file. Employers don't want to incur penalties due to wrong reporting.  

 

Having fewer inaccurate payroll reports should benefit both the employer and ATO.  

 

No need for payment summaries  

 

Traditionally, companies have been required to generate a payment summary for their employees to ensure that everything is in order. With the STP system already in place, this is no longer necessary. Through the STP system, the ATO will automatically track the figures submitted by the company. This information can then be accessed online by the employees easily. Your myGov account provides access to all of the information, including superannuation and tax details up to date for the current year.  

 

When the employer does not have to generate these summaries, time and resources are saved. Every organization would welcome the opportunity to save time and resources. 

 

Easy access to employee information  

It is now possible for an employer to receive all the necessary tax information about a new employee. Many employees might not provide all the relevant information. On the other hand, A STP system ensures that the employer has access to all the necessary information. By using your myGov account, the ATO provides you with all the relevant information you might require as an employer.  

 

Getting Your Business Single Touch Payroll Compliant  

Once you are aware of the importance of STP, you would want to know how the business can become compliant. Here are a few steps you can follow to get your business STP-compliant.  

 

The first thing you should do is obtain an STP-capable payroll software package. Using this software, you will be able to generate payroll information that can be submitted to the ATO. Ensure you select the recommended software to facilitate your work and generate accurate reports 


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