Posted at Apr 18, 2019 10:03:41 PM in articles by yield advisory
Single Touch Payroll (STP) has been introduced as a way of streamlining payroll reporting to the Australian Taxation Office (ATO).
Starting from 1 July 2019 all businesses will be required to report payments such as salaries, wages, pay as you go (PAYG) withholding and super information to the ATO when employees are paid.
What does this mean for you?
You will be required to send your employee’s payroll and super information to the ATO every payday through your online payroll system.
Check that your payroll system software offers the “STP-enabled” option.
Your payroll cycle will not change.
Your payment due date for PAYG withholding and super contributions will not change.
You will no longer be required to supply a payment summary at the end of the financial year. This information will be available to employees through myGov.
When do you need to start reporting?
Single Touch Payroll reporting will be mandatory from 1 July 2019 for all businesses. To do this, you will need to enable STP reporting on your online payroll software. The ATO has granted a transition period based on the number of employees you have.