Hawkesbury Bookkeeping

Affordable Bookkeeping Solutions for your Small Business

Informative

According to NSW Small Business Commissioner 1 in 5 small businesses wrongly believe Single Touch Payroll (STP) doesn’t apply to them

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Single Touch Payroll is being reported as one of the biggest changes since the introduction of the GST in July 2000. STP is the mandatory move to digital payroll reporting and it commences for businesses with 1-19 employees on 1 July.

According to a survey by Xero, 55% of small business owners don’t even know what Single Touch Payroll is

From July 1, all Australian employers will be required to report pay and superannuation information to the Australian Taxation Office in one click via single-touch payroll systems.

The introduction of STP means that employees will be able to access their PAYG Payment Summaries through their MyGov account.

For businesses it means that employers will have to upload the data online rather than email or post an employee’s end-of-year payment summary to them.

So are you ready for Single Touch Payroll on 1 July?

If you’re not quite ready, don’t panic. We can help you get sorted for STP. We have a range of affordable solutions to assist.

Book a Chat or Contact Us in order to comply with Single Touch Payroll.

Get paid quicker with Xero

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Did you know that more than 40% of invoices are paid late? 😮

Invoicing with Xero means invoicing from anywhere. No more waiting until you get back to the office or spending your nights or weekends invoicing while the rest of the family is off having fun.

Xero also makes getting paid easier plus auto reminders can be setup so you don’t have to remember to chase an overdue invoice.

These benefits are only the beginning. Book a Chat with us today to get setup with Xero. You’ll be sorry you didn’t do it sooner.

Single Touch Payroll isn’t too far away

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Single Touch Payroll (STP) is a new initiative from the ATO to report your employees’ payroll information. If you pay 1-19 employees, you will need to be compliant between 1 July and 30 September 2019.

Once you’re set up, you will send your employees’ salary, tax and super info to the ATO after each pay. This means no more payment summaries at the end of the financial year. Instead, your employees can access their payroll information through the ATO’s online service MyGov.

Xero, MYOB and QuickBooks all have STP solutions built into their software.

Talk to us today or Book a Chat about taking the next step to implement the solution that best suits your small business but be quick because 1 July is fast approaching.

Are your ABN details up to date?

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Did you know that you must update your ABN details when you become aware of changes?

You can update your details by visiting the Australian Business Register (ABR) website.

Keeping your details up to date on the ABR will ensure:

  • the right people have the right permissions to act on behalf of your business
  • correct information is available to government agencies, for example, emergency services contacting you during times of natural disaster
  • your business is ready for new government services when they become available.

Information sourced from: The ATO Small Business Newsroom

Take advantage of small business concessions

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Prepare for the end of financial year by making use of these small business tax concessions:

Instant asset write-off

Business assets purchased before 30 June may be able to be claimed as a full deduction in your 2019 tax return. The asset must have cost less than the threshold that applied when it was first installed and ready for use.

Find out more in the ATO Small Business Newsroom.

Information sourced from: https://www.ato.gov.au/Newsroom/smallbusiness