Automotive Single Touch Payroll Reporting
04 August 2017
Are you ready for Single Touch Payroll Reporting?
The Government initiative is designed to streamline business reporting obligations, and will change to the way employers report their tax and superannuation. STPR will offer most dealership businesses the opportunity to improve processes and procedures.
What it means for Dealership Businesses
It is a significant change for Dealership Businesses across the country: they must report through Single Touch Payroll under law from 1 July 2018. Facilities with an employee head count of 20 or more will be required to adopt and align reporting to their standard business processes. STPR will streamline the payroll process with the Australian Tax Office (ATO) as they will collect payroll data in real-time. A large portion of the Australian Automotive sector will be caught up by this change. BDO is helping clients understand the STPR implications, how to prepare for the change, and where to begin.
BDO’s three steps to begin your STP transition
- Have detailed conversations with your accounting software provider/s to confirm whether the current payroll processing arrangements will support the changes
- Conduct a risk review of your current payroll procedures, including PAYG, superannuation, car allowances and the timeliness of payments
- Review and monitor your HR processes to ensure employees are being treated fairly and paid correctly.
BDO recommends you understand how this change applies to your dealership and begin planning your roll-over to this new reporting requirement. Need help? Register here for a complimentary STPR action plan consultation with a BDO expert.