Benkorp is getting ready for Single Touch Payroll (STP)
STP is mandatory for all organisations employing staff from 1st July, 2019.
It has been mandatory for employers with 20 or more employees from 1st July, 2018.
Single Touch Payroll is a new ATO initiative. STP works by sending tax and super information from your payroll or accounting software to the ATO as you run your payroll.
Employees will be able to see their year-to-date tax and super information in ATO online services – myGov. Their data is updated every time the STP is filed with the ATO (each pay day for most employers). Without STP reporting, employee data is only reported at the end of the financial year.
Benkorp is getting ready now and will start filing STP for all our clients we provide church accounting and payroll services for in June 19. This means we will no longer need to send Annual Payment Summaries to employees for the FY19 year. As a result, the ATO will already have all the information much earlier than previous years.
Benkorp’s Processes so far and next steps.
We have been getting educated
- Attended ATO seminars & Webinars
- Watched Xero Webinars – Xero continues to be great church bookkeeping software and is ready for STP.
- Attended other particular training
- Participated in various BAS Agent Facebook group conversations with other practitioners who are grappling with the details!
- Benkorp sends a STP authorisation document to clients – the ATO requires BAS Agents and practitioners who provide outsource church bookkeeping to obtain special approval from each client we process payroll for to file STP on their behalf
- Client will e-sign the document and return to Benkorp
- Benkorp notifies the ATO of our clients and Xero software ID
- Benkorp performs FY19 Payroll reconciliation up to 30th April, 2019
- Benkorp begins filing payroll STP details to the ATO in June, 19 - using Xero Accounting Software
- Benkorp performs a Full Year FY19 Payroll reconciliation
- Benkorp completes the Year-End STP finalisation declaration with the ATO. As soon as this is processed the ATO will have all the employee information and employees will be able to complete their tax returns.
Please let us know if you have any questions or comments or concerns.
Please contact us if you would like to discuss the financial management of your church or NFP at [email protected]com or 1300 138 627
© Benkorp Management Services Pty Ltd 2019