Bookkeeping Essentials For Dummies by Veechi Curtis

Author:Veechi Curtis [Curtis, Veechi]
Language: eng
Format: epub
ISBN: 9780730384687
Publisher: Wiley
Published: 2020-10-08T00:00:00+00:00

Pay up.

You’re obliged to pay superannuation on the 28th day after the end of each month or quarter (the minimum frequency is per quarter, but some super funds specify that you have to pay monthly).

Step Five: Ensure your software is up to speed

If you’re hiring your first new employee, you need payroll software that can deal with Single Touch Payroll (STP). The idea of STP is that whenever you pay an employee, you submit details of this payment to the ATO.

In case you’re wondering, you can’t do this by logging onto the ATO and entering this information manually — the only approach the ATO accepts is that you use third-party payroll software that is approved as ‘STP-ready’. You first use this software to record your pays, and then the software sends a summary of wages, super and tax to the ATO.

If you’re just getting started with a small business, this requirement can seem pretty onerous at first. However, any regular accounting software sold in Australia is able to deal with STP (and if isn’t, beware!) Also, if subscription costs are your concern and you have four employees or fewer, you can find a list of approved payroll software solutions on the ATO website that all cost less than $10 per month (just go to www.ato.gov.au/STPsolutions).

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