Help clients work out a pathway to STP or apply for a concession or deferral as soon as possible.
The Australian Taxation Office (ATO) has told tax professionals that “time is running out” to move clients to Single Touch Payroll (STP).
The ATO recently sent tax professionals a list of clients that hadn’t started reporting via STP or hadn’t contact them for help.
It’s urged tax professionals to help clients work out a pathway to STP, or apply for a concession or deferral as soon as possible to avoid further messages about the issue.
Tax professionals that want to report quarterly on behalf of clients that have 1-4 employees must start doing so by 28 February 2020 (they must apply first). After that date, the ATO will only allow these employers to report quarterly in extenuating circumstances.
The ATO recently published an online quiz that small business people can take to help them work out what to do about STP.
Small businesses can also read our quick guide to STP. It includes a look at the features of seven STP software solutions and the advantages of STP-enabled accounting software versus standalone STP products.