What is Single Touch Payroll?
Single Touch Payroll (STP) is a new way of reporting tax and super information to the ATO. STP works by sending this information from your payroll or accounting software to the ATO as you run your pays.
Single Touch Payroll commences for employers with 1-19 employees from 1 July 2019.
How does STP work?
When you start reporting you will run your payroll, pay your employees as normal, and give them a payslip. Nothing needs to change at your end, you can continue to pay your employees weekly, fortnightly or monthly.
The software will then send a report to the ATO which will include information such as salaries and wages, PAYG withholding and superannuation.
What if I don’t have software?
If you do not have accounting or payroll software in place and are paying employees, now is the time to implement payroll software.
There are low cost solutions available for small business but implementing an online accounting solution may not be as expensive as you think.
When do I need to commence STP?
Single Touch Payroll commences for employers with 1-20 employees from 1 July 2019.
Employers with more than 20 employees commenced Single Touch Payroll from 1 July 2018.
What does this mean for my employees?
Your employees will be able to see their year-to-date and super information by logging into their myGov account and accessing ATO online services.
End of financial year Payment Summaries will also be available via MyGov saving the issuing of paper PAYG Payment Summaries going forward.
HELP! How do I setup Single Touch Payroll?
Book a Chat or Contact Us today and we will assist you in implementing Single Touch Payroll.