Will your business be ready for the STP tidal wave?
ATO figures confirm what the industry has known for months. There's a wave of businesses needing to be ready for Single Touch Payroll with similar deferral target dates in mind.
How did we get here?
Many payroll providers (and by extension their employer customers) have been granted a deferral for Single Touch Payroll.
The ATO granted these deferrals to give payroll software providers enough time to support their customers to implement their STP solution.
The thinking being, by providing deferrals for individual payroll providers it would give large employers flexibility to decide when they could implement their STP solution.
Ideally leading to a structured transition into STP.
The reality has been something different.
The majority of employers view their payroll providers deferral date as the new STP deadline.
Employers who have not started submitting STP reports yet need to know there is a significant (tidal) wave of employers getting ready to implement STP at the same time.
As the new deadlines approach let’s look at what this means.
There will be tens of thousands of employers vying to get access to the same limited number of STP resources available from payroll software, STP messaging providers, intermediaries, and the ATO. Make sure you look after your requirements by getting organised now.
Experience to date shows that implementing STP can take up to three months; procurement of an STP messaging partner, scheduling IT to implement payroll software update, testing to first STP pay event submission.
Get ahead of the wave.
Register for a demo or talk to your payroll provider today.