It’s taken just over a month to get everything ready for the Product Verification Testing for STP, but today we have managed to upload our first data set to the ATO for testing. A few formatting changes but we got there in the end. Now we just need to wait until the ATO confirms the data and all of our clients can go into production.
Just to update clients and prospective clients alike, InterAcct Software have passed the ATO security requirements for Single Touch Payroll and will be white listed as a Single Touch Payroll Provider. This required a self Assessment of ISO 27001 which was a couple hundred pages of text to send to the ATO all completed with the help of Matt at Compliance Council
The Payroll training videos to the software have been updated with the latest changes to the Payroll system including the Single Touch Payroll (STP) screens that are now part of the standard software
Our test STP datafiles have been sent off for confirmation. Once Confirmed we will be rolling out the changes to our Clients that have the payroll module.
From July 1st 2018 all Australian Businesses that employ 20 or more staff will be required to report through Single Touch Payroll (STP). This will affect around 3% of Australia’s 2 million businesses.
The cut off for your headcount to find out if you will require STP is April 1st 2018. There are some exceptions being given to businesses with large swings in staff numbers or where they have little to no Internet access.
STP will report digitally, information regarding your payroll transactions directly to the ATO. This will mean that other reporting requirements (such as Payment Summaries) will no longer be required and also that Employees through their MyGov account will be able to see information during the year on their total Pay, PAY-G and Super. This will link through to help them with their tax returns as well.
Smaller Businesses may elect to take up STP if they wish, and there are plans to make them also comply perhaps as early as 2019.
Medium term it’s going to be a good change for businesses but in the short term it’s going to mean that you will require STP compliant software and that in some cases there may be charges for processing these transactions, and/or costs in getting new software.
The details of what and how the process will work are still being finalised, let’s hope that the ATO and their partner Gateways are all up and ready in time for their deadline less than 8 months away.
More info can be found on the ATO website.
The new Tax tables for the 2017/18 year are available to Users of the InterAcct Payroll Module. Please contact support if you require assistance.
InterAcct’s offices will be closed on the afternoon of Tuesday the first of November from 1pm for Melbourne Cup Race day. We wish everyone the best of luck with the race.
We have the new tax tables that were finalised by the ATO 16th of September 2016 that come into effect 1st October 2016 for new payroll transactions. If you need to have your tax tables updated, please contact Support@InterAcct.com.au
For existing users of the payroll software, the latest ATO tax tables are available for upload.
Employees without HELP payments are unchanged according to the ATO’s webpage
If you need help with your end of year roll over contact support and we can run through it with you.
Do you have staff that have variable wages ? Perhaps it’s based on them working overtime, getting bonuses, commissions, only being paid for hours worked? If you do at the end of the year you will almost always have overpaid on PAY-G tax. The new addition of the Estimated Tax Return Software
InterAcct does allow for employees to be setup as annualised tax, so that we can take the peaks and troughs out of the tax rates. To make it more clear we expanded on the existing fiscal summary screens to show an estimated tax return value for each employee for each fiscal year.
This would mean that towards the end of the financial year you would be able to easily see/adjust the amount of tax that you are paying to your employees to reduce their tax return (or give them the money before they even apply for it from the ATO).
This minor change is available to all users of the Payroll module, and can be installed while we are updating this year’s Tax Tables.