STP legislation passes

The houses of parliament have today passed legislation (The Treasury Laws Amendment (2018 Measures No. 4) Bill 2018) for businesses with 19 or fewer employees to report their payroll through the Single Touch Payroll system from 1 July 2019.

The Tax Office have published a list of low-cost software providers for the micro-business sector (those with small payroll – less than 4 employees). The systems take minutes to complete each pay period and doesn’t require the employer to maintain the software. The software is also required to cost less than $10 per month.

Per AccountantsDaily, ATO Commissioner Chris Jordan stated that micro-businesses will not be obligated to purchase payroll software with a number of options to be available such as allowing their registered tax or BAS agent to report quarterly as opposed to each pay run.

Exemptions will also be available to business with no internet access or unreliable connection.

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