Small businesses reminded to get Single Touch Payroll ready

THE Australian Small Business and Family Enterprise Ombudsman Kate Carnell has reminded small businesses they have until September 30 to adopt Single Touch Payroll (STP).

Small businesses with 19 employees or less are required to make the transition to STP by the deadline in two weeks.

STP became mandatory for small employers on July 1 this year, with the Australian Taxation Office allowing a three month grace period for businesses to transition to the new digital system.

“It’s encouraging to see the number of small businesses reporting through STP has more than tripled during this transition phase, from around 100,000 to 350,000,” Ms Carnell said.

“However there are many small businesses that have not yet made the move and they really need to.

“For those small businesses that need more time, they can apply for a deferral or work with their tax or BAS agent to report quarterly, if eligible.”

For more information about Single Touch Payroll visit ato.gov.au/stp