Reckon, which company is a provider of accounting software, has produced a new payroll app. The app is a single touch payroll mobile app and the launch was to be ahead of the new changes that are coming to the Australian tax system which will come into effect on July 1. According to current single touch payroll (STP) rules, employers with 20 or more employees are to send their payroll data to the ATO whenever they make any pay run, but now this requirement will be extended to employers who have 19 employees and fewer starting from July 1, 2019. In order to be able to send their payroll data to the ATO, employers will have to purchase the STP system and install it into their existing accounting software system. This payroll app was produced by Reckon in partnership with UX and Thinkmill who are design and development experts in the UK in order to serve about 450,000 small businesses that are operating in Australia. The app can be found on the Apple App store and Google Playstore and can now be downloaded. Since this app is available on a smartphone, this gives small businesses the ability to send their payroll information to the ATO without even needing a laptop or desktop.
Key Takeaways:
- A new Australian tax regulation will kick off on July 1 and to anticipate this launch accounting software provider, Reckon, has also launched a payroll app for it.
- The payroll app that was designed by Reckon was done in partnership with UX which is a design and development company and it was for Australian small businesses.
- The demand for the app is high because of recent count over 5,000 people have registered to have it and pretest it before launch.
“Current Single Touch Payroll (STP) rules, which require employers with 20 or more staff to send super and income tax data directly to the ATO at each pay run, will be extended to businesses with 19 employees or fewer on 1 July 2019.”
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