|Do you employ 20 or more people at 1 July 2018?||1 July 2018|
|Will you employ 20 or more people before 1 July 2019||Date of employment of the 20th person|
|Everyone else (yes- even if you have only one employee)||1 July 2019|
This will be compulsory for every employer and the ramifications will be significant. Not least of all, the days of delaying payment of employee superannuation will be effectively finished. We have prepared a simple four-point guide so you will be completely familiar with what needs to be done. 1. When does it apply to you?
So, if you won’t be employing 20 or more people prior to 1 July 2019, relax, we will let you know when to start.
2. Connect your business systems to Standard Business Reporting (SBR)
SBR is the Federal Governments platform of choice for communicating with business. In order to make STP reporting work you will need to ensure your system is SBR compliant. You can check this on the SBR products register. If you are using Xero, relax, it’s good to go, just follow the connection process.
3. Review your payroll systems
Ensure that your employee superannuation, leave allowances, PAYG and payroll procedures are consistent with legislative requirements.
4. Start reporting from the relevant date
If you have followed the steps above, you are good to go. Be conscious that your payroll practices and timing of compliance payments, particularly employee superannuation, are now highly visible.
If you have any concerns on this subject, contact Aaron McQuillan on 07 3483 0101 and he will assist in finding the most appropriate pathway.