The way of reporting payroll, tax return, employee payments and superannuation are all about to change as the Federal Government passing legislation has extended Single Touch Payroll (STP) to all employers from 1 July 2019.

Under the requirements of STP, you’ll need to report payments such as salaries and wages, pay as you go (PAYG) withholding and superannuation directly to the Australian Taxation Office (ATO) as they happen (via an online payroll solution).

Here are 4 expert tips on how small business owners can cope with STP soon.

Keep It Clear

As a small business owner if you’re going through this transition phase, try to visualize a clear picture of the changes & bring them in front of your team.

This will simplify the project you’re about to introduce and break it down into small achievable goals.

Prepare For The Changes

Business owners must ensure that they’re carefully considered about STP and well prepared for the upcoming changes.

Same goes for the employees as well, as they tend to be impacted most by the changes. Therefore, the owner must play a positive role to make them understand about the implementations of the change.

Accept Some Disruption

Considerably, your employees will take some time to cope with the new system. So, the best thing you can do is to anticipate disruption that might occur during this process.

Also, try to be as much realistic about your business operations and outputs during that time. It will help make the whole process operationalised much sooner in a more efficient way.

Bring Everything Online

Another essential prospect is to use online software (if you’re not using still) that will help mitigate all the financial changes as any previous pen & paper method might not be so compatible to get you the desired result.

You can contact a registered tax agent or accounting specialist regarding this case.