Single Touch Payroll (also known as STP) influences changes on the way employers report their staff’s wages to the Australian Taxation Office by requiring reporting.
For employers with less than 20 employees, you must commence reporting any time between 1 July 2019 and 30 September 2019. There are some exceptions for closely held business who employ family members so please contact us on 03 9417 3511 for more information.
The main objective is for the Australian Taxation Officer (ATO) to ensure that all superannuation payments are advised to the ATO and paid on time.
You will need to utilise an STP enabled software package (MYOB, Xero, Quickbooks, Reckon and or similar as they will all have the required software) to lodge your payroll and all superannuation.
You will need to report the following through STP:
- Salary, wages, director’s remuneration, termination payments, unused leave payments, parental leave payments, maternity and paternity payments and all superannuation.
- If you make mistakes you can correct them in your next report. The ATO will not penalise you for these errors.
- You will no longer have to provide employees with a PAYGW (Group Certificate) summary.
If you need assistance in implementing your STP software, please contact Kelly Huynh or Nick Cardenas at our office.