Single Touch Payroll (STP) is being introduced by the ATO from 1st July 2018 for businesses with 20 or more employees (per head count on 1 April 2018). The introduction date for those employers with 19 or less employees is extended by 12 months to 1 July 2019.
Instead of reporting payroll at end of year to the Australian Tax Office, you will now report as you pay from 1st July 2018 (or 1 July 2019). STP is changing the way employers report to the Australian Tax Office by providing a platform to report information such as Salary and Wages, Pay-As-You-Go PAYG Withholding and Superannuation information at the time when your employee is paid.
When you start reporting through STP you will send your employees payroll and superannuation information to the ATO from your payroll software each payday (also known as Pay Event).
The ATO payment due dates for PAYG Withholding and Superannuation will not change.
Links To Payroll Business Software
Employers will be required to use software that will offer STP reporting.
Here is a link to STP for various Payroll Business Software Packages available:
Link to STP payroll Xero – https://www.xero.com/au/campaigns/single-touch-payroll/
Link to STP payroll Reckon – https://www.reckon.com/au/single-touch-payroll/
Link to STP payroll MYOB – https://www.myob.com/au/support/single-touch-payroll
Having old software that does not allow for STP is not an excuse that the ATO will accept. So, either update your current software, or come and talk to us about moving over to a software such as Xero, that supports STP.
Want To Know More?
For more Information refer to the ATO link below:
– ATO’s STP video ato.gov.au/SingleTouchPayroll
Should you have any queries please do not hesitate to contact our office.