1 JULY DEAD­LINE FOR SIN­GLE TOUCH PAY­ROLL

Business Franchisor - - NEWSITEMS -

Re­gard­less of whether you’re a fran­chisee or a fran­chisor, if you have 19 or fewer em­ploy­ees you are re­quired to im­ple­ment Sin­gle Touch Pay­roll (STP) by 1 July 2019.

The Aus­tralian Tax­a­tion Of­fice (ATO) re­quires greater vis­i­bil­ity into em­ployer pay­rolls to en­sure that they pay their PAYG with­hold­ing amounts and meet SGC su­per­an­nu­a­tion obli­ga­tions. The ben­e­fit to em­ploy­ers is also sig­nif­i­cant, sav­ing time at the end of the fi­nan­cial year be­cause they will no longer need to is­sue group cer­tifi­cates to em­ploy­ees.

Some fran­chises have al­ready taken up the STP chal­lenge, with the likes of Re­tail Zoo (Boost Juice, Sal­sas Fresh Mex) and Soul Ori­gin al­ready rolling out their STP setup.

So, what does it mean for those who haven’t started the process yet?

FOR FRAN­CHISORS

Here are three hot tips on how fran­chisors can pre­pare for suc­cess­ful STP im­ple­men­ta­tion:

1. Ed­u­cate, ed­u­cate, ed­u­cate your fran­chisees all about STP

2. Di­rect them to reach out to their book­keeper, ad­vi­sor or ac­coun­tant for help

3. En­sure they have STP-ready ac­count­ing soft­ware.

Part of the ed­u­ca­tion process is un­der­stand­ing what it all means and how it will im­pact your fran­chise. Your fran­chisees will need to re­view all their em­ployee pay­roll in­for­ma­tion. You should also ad­vise them to speak with their em­ploy­ees about the change and why they should set up a myGov ac­count.

For many em­ploy­ers and pay­roll of­fi­cers, get­ting a busi­ness STP-com­pli­ant means that they’ll need to be up to speed with sys­tem up­dates, and learn how to use them for STP. Their ad­vi­sor can guide them through with ease if they don’t have in­ter­nal re­sources to do so.

The FCA’s ad­vice is: Don’t let your fran­chise run into trou­ble with the ATO be­cause your pro­cesses or your fran­chisees’ pro­cesses aren’t up to scratch. Get in touch with your ad­vi­sor and be­gin dis­cussing your STP re­quire­ments and pay­roll sys­tems today.

For an in-depth look at Sin­gle Touch Pay­roll, head to page 76 for an ex­pert ad­vice ar­ti­cle by John Shep­herd of the ATO.

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