Single Touch Payroll
What is Single Touch Payroll?
Single touch payroll (STP) is a new way of reporting tax and super information to the ATO using accounting software that offers STP. All employers are required to report salaries and wages, PAYG withholdings, and superannuation, every time employees are paid. Instead of completing payment summaries at the end of the year, reporting is done with every pay cycle. Some business already using STP software are finding it valuable for their business, a survey of more than 500 small business revealed.
When does STP start?
Single touch payroll became mandatory to all employers of more than 20 employees from 1 July 2018.
For employers with 19 or less employees, mandatory start date is 1 July 2019.
What's the difference for your business?
Most business with a payroll software that includes STP can start reporting any time, the difference will be simply reporting more often than before.If you need any help with the transitioning contact us anytime. For more information click in the ATO link below.