What your workplace needs to do to get ready to adapt

Assignment Help Financial Accounting

Reference no: EM133432625

Question: Today is 1 March 2021 and your workplace is getting ready for Single Touch Payroll (STP). Your workplace is a small family business of just 8 employees where all employees are members of the same family ("closely held employees"). As such, up until now, your workplace has been exempt from the STP deadline. However, from 1 July 2021 all workplaces must comply.

Single Touch Payroll (STP) is a change to the way you report payroll information to the ATO. This is a change for your workplace from a manual reporting system to a digital reporting system.

Review the Australian Taxation Office (ATO) website on what your workplace needs to do to get ready to adapt to the changes in technology and work organisation, within a timely manner.

Research all legislative, statutory, regulatory and industry requirements that apply to you carrying out your business
Complete the table below, identifying the key procedures and timeframes that are required for your workplace to get ready to implement Single Touch Payroll within a 3-month timeframe. Ensure you describe how, and include in your procedure, your regular review of reporting system to ensure it is compliant and up to date with current and relevant legislation and technologies.

Reference no: EM133432625

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