Hi , As I establish my company and prepare to process payroll, I need guidance on the necessary steps for setup and statutory reporting requirements. The company is small, with fewer than three employees, and I plan to manage payroll through Excel sheets. Should I opt for setting up Single Touch Payroll (STP) for statutory reporting, or focus on the PAYG Annual Summary Report NAT 3447 Form? Your advice would be greatly appreciate
Hiya @rizwanai 👋
The legal obligation is to report via STP (STP2) unless you are included in the class exemptions. Payment Summaries are not an option as they are no longer the "approved form" to report employee income. There are payroll products that have truly free payroll (example) and STP for up to two employees.
Payroll via excel is not a good idea, as the Fair Work, Tax and Super obligations are not easy or simple!
Deanne
Hiya @rizwanai 👋
The legal obligation is to report via STP (STP2) unless you are included in the class exemptions. Payment Summaries are not an option as they are no longer the "approved form" to report employee income. There are payroll products that have truly free payroll (example) and STP for up to two employees.
Payroll via excel is not a good idea, as the Fair Work, Tax and Super obligations are not easy or simple!
Deanne
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