Single Touch Payroll – Are you ready?
Single Touch Payroll – The Australian Taxation Office has extended the STP obligations to all employers.
Parliament has approved legislation to extend Single Touch Payroll (STP) reporting to include all small employers (fewer than 20 employees) from 1 July 2019.
Don’t know what STP is?
STP is a way of sending tax and super information to the Australian Taxation Office (ATO) from your payroll or accounting software each time you pay your employees. If you use payroll software, it may need to be updated to enable STP reporting.
When you use STP-enabled software you will send the ATO your tax and super information each time you pay your employees. Your pay cycle does not need to change. You can continue to pay your employees weekly, fortnightly or monthly.
The information you report will include your employees’ salaries and wages, allowances, deductions (for example, workplace giving) and other payments, pay as you go (PAYG) withholding and superannuation information.
Extending STP to all employers will help ensure all Australians get their full superannuation entitlements, give greater transparency and help ensure a level playing field for small business. This initiative is also an important step in streamlining business reporting and keeping pace with the digital age.
The move to real-time digital reporting may be a big change for employers, especially small business, so the ATO will adopt a supportive, tailored approach to help them undertake this change.
Have you got payroll software which is STP enabled? Not using payroll software?
We can help you get on track; call or email us, Poole Group on 5437 9900 to help you get your STP solution ready before the deadline.