Hospitality Businesses with 19 or less staff have less than 2 weeks to be compliant warns the ATO

Hospitality Businesses with 19 or less staff have less than 2 weeks to be compliant warns the ATO

The Tax Office has issued a reminder for small businesses to make the transition to Single Touch Payroll reporting, with less than 50 per cent of employers having done so ahead of the deadline in two weeks.

What is it? Previously businesses were required to send payroll information to the ATO once a year. The new STP requirements specify that this information needs to be sent to the ATO after each pay run.

Are you ready? Fortunately, Ten X Advisors are ready and able to assist you with the process and of setting your business up to ensure you are complying with the requirements. As Xero certified advisors we use Xero’s inbuilt payroll functionality to ensure that the required information is being sent to the ATO as required.

If you are one of the 50 per cent of businesses that are yet to transition there is no need to be concerned Payroll and employee management is on of the most challenging and complex areas of a running a hospitality business. With a workforce often made up of casual workers, visa holders, mixed shifts and high turnover, challenges can arise. Not to mention varying rates of pay depending on hours worked, time of day, and day of the week things can get confusing.

The hospitality industry is unique and complex, which is why you can’t entrust just anyone with your payroll management. You need a specialist who understands the detail of the Fair Work Act and the relevant award; whether it be the Hospitality Industry (General) or the Restaurant Industry Award and how this applies to your hospitality business.

Working with us we can help you with all facets and make this a simple process for you. We can provide advice on staff retention including the various pay structures, incentive schemes and employee investment options.

Ten X can become your very own virtual Human Resources Department, providing timely advice and taking control of your payroll management. This will create a seamless process which requires minimal input from you, giving you time and space to focus on managing your business.

Call the Ten X team now to assist with getting your business ready for STP before the 30 September deadline.