Single Touch Payroll is a Government initiative that will change the way you report on your payroll to the ATO from 1 July 2019.
Under Single Touch Payroll (STP), all businesses will report on salary or wages, pay as you go (PAYG) withholding and superannuation directly to the Australian Taxation Office (ATO), electronically, and at the same time as you pay your employees.
This new streamlined reporting to the ATO will make it easier for you to meet your payroll processing obligations.
Single Touch Payroll (STP) was introduced on 1st July 2018 for all businesses with 20 or more employees. Now STP is set to be rolled out in stages to smaller businesses with less than 20 employees as at 1 July 2019.
What do you need to know?
STP will require you to have your payroll transaction data transferred to the ATO each time your employees are paid. This may require you to use a software solution that will transmit the data to and from the ATO on your behalf.
Talk to one of our team members to review your software and payroll processes to ensure you are STP ready. Email us at email@example.com or phone us on 02 9267 1688.