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What is Single Touch Payroll?

Single Touch Payroll is a Government initiative aimed at cutting red tape and improving the visibility of reporting of the wages and salary, PAYG withholding and Superannuation by employers.

Single Touch Payroll will be compulsory for ALL employers from 1 July 2019 (regardless of size).

The move to Single Touch Payroll sets a new standard for reporting. You may be familiar with filling in forms at the end of month, quarter or year. With these changes you’ll be required to report your payroll in real time direct to ATO. 

Your Current Payroll System:

Your current payroll system might be a combination of cashbook, spreadsheets and paper files. Your wages are calculated and reported on manually.  In some instances staff may or may not get a payslip. 

Paper-based

Stored in files

Spreadsheet

Manually calculated

Your Future Payroll System:

As of July 1 2019, all employers will be required to use a cloud-based payroll system to report to the ATO. 

Cloud Based Payroll Software

Real time payroll information will be sent direct to ATO from you at the time your payroll is run.

How Will It Work:

Single Touch Payroll software will automatically extract information from your payroll system, at the same time your payroll is run, and pass it to the ATO.

You will be required to use Single Touch Payroll compliant software as part of your payroll run. 

1. You Run Your Payroll

You run your payroll internally as per your normal payroll frequency. This information will be managed within your new payroll software

2. Approve

When you run your payroll, someone within the company will approve the information as being accurate.

3. Automatic Upload

Your payroll information will automatically be uploaded to the ATO's systems.

4. Reporting

The ATO will be able to monitor in real-time employer remittances as well as make this information avaibale to employees via myGov.

What Are The Benefits:

Single Touch Payroll will bring about more efficiency within your business.  No more cashbooks or manual calculations.

Making your payroll easier to manage and automated. 

  • Removal of the need to issue annual payment summaries.
  • Removal to lodge payment summary annual report.
  • Automatic completion of Labels W1 in BAS.
  • Streamlining of employee documentation
  • New employees can complete TFN and Super Choice forms online

streamlined systems

Using cloud based systems reducing the chances of information being lost.

better for employees

They'll be able to access up to date payroll information via their myGov login.

automate repeating tasks

Remove duplication and extra reporting to the ATO and doubling handling of data.

stored in the cloud

Data is stored in secure environment in large servers offsite. Data can be stored and shared in real time.

Get compliant today:

Not sure how to do it?

Don’t want to do it?

Below are OUR personalised solutions to get you STP compliant. With our team of over 30 professionals we will have a solution that suits you. 

STP Compliant

  • cloud based software
  • Set up STP
  • Review current payroll
  • Support

Bookkeeping

  • STP Set Up
  • Monthly Bookkeeping
  • 2018/19 Tax Planning
  • Extended Support

Premium Accounting

  • Tax Planning and Financials 2018/19
  • Bookkeeping
  • Free Financial Assessment
  • On-going Support

Frequently asked questions

Single Touch Payroll has been in play for business with 20+ employers since last year. This is an extension of that to cover all employees. 

If not already, you’ll need to get set up with a cloud-based solution to manage your payroll. This is a major opportunity to move away from spreadsheets, written notes and paper-based systems.

You need to get yourself set up with STP compliant software. Here is a list of options from the ATO. Alternatively you can get in touch with us. 

All businesses that have at least 1 employee. 

While the ATO has said they will be lenient in the first 3 months of implementation, at some point ALL businesses will need to be compliant. If you don’t want to learn a new payroll system or not sure how to go about it – get in touch with us. 

The ATO has negotiated to ensure that software providers offer affordable solutions starting at just $10 a month. 

Resources

To find out more you can read our blog here.

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Kris has over 16 years' experience in the business advisory, accounting and taxation industry. His initial years were spent with WHK Group and PKF before founding Simmons Livingstone & Associates in 2013.

As Managing Partner, Kris has steered the firm to success, being instrumental in expansion of the firms client base and subsequent recruitment to increase the professional team size.

He brings his extensive experience within a variety of areas of business services and compliance, and has a proven track record of success with clients from a variety of sectors. Not only is Kris a an exceptionally valuable asset to the firm, his business advice is invaluable for professional service clients, from a financial perspective.

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Kris is a forward thinking person who is dedicated to providing his clients with the best possible outcome in all situations. With a keen eye for detail, he ensures nothing is overlooked, so that client outcomes are maximised.

Kris has a young family and outside of work, when he’s not spending valuable time with the family, you’ll find him on the golf course or sampling a brew with the guys.

Simon began his career at PKF and several boutique accounting firms. He has established his reputation for excellent accounting consultancy, which has spanned over 13 years.

Simon is a passionate business advisor, specialising in:

 

Simons personable service and attention to detail ensures his professional relationships remain strong.  As a partner at Simmons Livingstone, Simon has lead the substantial growth of the firms large corporate space.

Through his sporting connections, Simon also has a strong reputation as an industry leader for professional sports men and women, representing sporting players and companies involved in various professional sporting federations and leagues.

Simon is a former representative golfer, and still enjoys a round most weeks. An avid sports enthusiast, you’ll find him kicking back with a red wine if there’s a good game on.

Tom joined the Simmons Livingstone & Associates team to head the financial planning division in 2015. 

Tom has a passion for providing quality advice and exceptional service.

He is driven to:

His approachable and trustworthy demeanour makes his service enjoyable and ensures a relaxed environment for decision making about financial matters.

Tom's extensive network of allied professional services provide the same level of outstanding consultancy, so clients can be assured that any financial problem or opportunity will be addressed with Tom's help.

Outside of work, Tom likes to be outdoors. He plays football and golf amongst other things. You will also find him enjoying good food and good beer with good friends.

Sam is our newest Partner to the Simmons Livingstone & Associates team, working with Tom in our Financial Planning division. 

Sam has a strong passion to educate and inform his clients about the importance of financial planning and getting started early. 

He is focused on:

Sam's greatest asset is his ability to support his clients to better financial wealth using his extensive network. 

 

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