What is Single Touch Payroll (STP)

Put simply, this is reporting to the Tax Office the tax and super details of your employees each and every time you pay them. Pay them fortnightly, this is 26 times, weekly 52 times.

So how do you do this? From your accounting software of course. Don’t have accounting software, and you employ, not an excuse, you will now have to be compliant on 1 July this year.

If you are already using such packages as MYOB, Xero, Quickbooks, you are probably OK. But have you checked to see what you need to do?

What if you use some other accounting package? First thing you need to do is speak to the software provider to see if they will be supporting this from 1 July. If not, then it’s time to change software.

Speak to your accountant to see if they can help you set up your existing software, or to move you over to a software that will be compliant, but the time to act is now.

Why not call in to our offices for an appointment to see if you will be STP ready.

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• Finance