Single Touch Payroll (STP) is a change that is affecting many Australian businesses. As they start to ensure they are compliant with the new law, they wonder what the best payroll solution is for the size of their business and their reporting needs. Let’s take a look at a few common solutions that many businesses are using for STP reporting obligations.
Basic STP Packages
If you’re an employer that either has fewer employees than most and are short on time, you’ll likely be fine with a basic package. A basic package makes reporting your payroll, tax and super information to the ATO very simple and can be done in just a few minutes every time you process payroll.
Among the many different solutions out there, Xero’s payroll-only plan is a low-cost and super simple approach for Australian’s smallest employers. It’s the plan that employers who just want to make sure they are compliant and use nothing else. If that sounds like you and you don’t really want or need all of the bells and whistles, it could be for you.
Premium Features You Might Want FOR STP Reporting
Tools like Deputy and Wage Easy can integrate with your STP reporting software and will add another layer of convenience and automation for your business. If you use a time-tracking, scheduling, tax reporting, or other business tool that relates to taxes, super, or payroll reporting, you should seek out a product that can seamlessly integrate.
This way, you can stay STP compliant and report information in real-time to the ATO and your business will run smoother throughout the entire process.
People Power
In addition, if you aren’t comfortable handling all of your business’ finances yourself and would rather have an expert help, the ATO allows for registered BAS and tax agents to report on your behalf. Make sure that they meet all of the qualifications and they can help you focus more on the day-to-day duties of running your business.
