IS YOUR SALON READY FOR SINGLE TOUCH PAYROLL?

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Posted June 3, 2019

It’s time. On 1 July, less than a month from now, all salon owners will have to transition to Single Touch Payroll. That is true if you have 1 staff member, 20 staff or 100 staff spread across 5 salon locations. So, is your salon ready?

 

It’s not just salon owners who have to be ready for Single Touch Payroll – your team will have a few changes that they need to know about. We encourage all salon owners to sit down with their team and explain the changes occurring with Single Touch Payroll. This will help alleviate answering the same question over and over again once we get to July 1.

 

PAYSLIPS

Staff will now see their year-to-date tax and superannuation information in myGov and can check it at any time. Salon owners can still issue a fortnightly or monthly payslip, but this information can now be checked at any time. Staff need to register for a myGov account if they want to be able to check their details online.

 

GROUP CERTIFICATES

Salon owners are no longer required to issue group certificates – and this takes a major headache off the shoulders of salon owners. All payment summaries, including Group Certificates, will now be available in myGov and will be available at the end of the financial year. It’s referred to as an income statement in this system, so if your staff can’t find them get them to check under that name. But it’s important to note that all staff members will be emailed a copy of their income statement when it is ‘tax ready’ so they can take it to their tax agent to lodge for a tax return.

 

SUPERANNUATION

Staff can check at any time if their superannuation has been paid. This is not an issue for most salon owners who are doing the right thing but absolutely will catch out those salon owners who are not paying their staff correctly or at the appropriate intervals. Staff superannuation payments must be paid at least quarterly – but make sure your team know this, so they don’t get into a panic if that is when you are doing your superannuation payments.