ATO working with software providers on STP solutions
The ATO is working with software providers to develop low- and no-cost reporting solutions to help small businesses comply with the new single-touch payroll reporting requirements.
So far 31 companies have put forward proposals to offer low-cost STP solutions as part of the ATO initiative, including accounting software companies Xero and MYOB and PwC Australia.
The tax office will require the solutions to cost less than $10 per month, take only minutes to complete each pay period and not require an employer to maintain the software. Solutions can include mobile apps, simple reporting solutions and portals.
The list of providers having submitted proposals to the ATO also includes AccXite, BAS Off, Catsoft, Easy Pay Slip, Employment Hero, e-PayDay, ePayroll, Etax Accountants, Free Accounting Software, Globe BD, GovReports, Intuit Australia, LodgeiT, Ironbark Software, Myaccountant Technology, OB Secure Messaging, Sodapay, Reckon Australia, Single Touch and SRI Enterprise Software.
Under legislation recently passed by parliament, companies with fewer than 20 employees will be required to follow their larger counterparts in reporting payroll payments to the ATO as they happen.
In recognition of the fact that the move to real-time digital reporting is a big change for employers, the ATO is also offering concessions to small employers such as waiving penalties for mistakes and missed or late reports for the first year, as well as allowing small employers to start reporting at any time during the July–September quarter.
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