Compulsory Single Touch Payroll is coming 1st July 2019 – What does this mean for Employers?

12-Mar-2019

 What do you need to know about Single Touch Payroll (STP)?

•           This is direct reporting of salary and wages, PAYG withholding and superannuation to the ATO.
•           Payroll software is a must to process and report using STP.
•           Comes into effect for all employers from 1 July 2019.
•           It’s required even if the business only has 1 employee.
•           Paper forms for Employees Payment Summaries will be a thing of the past.
 
STP is compulsory from 1 July 2019 therefore this is a good time to start looking into it and be ready when the time comes. If you already have a payroll software in place, you can take advantage by opting-in earlier to avoid the chaos that might arise from the last minute set up. Please contact your software provider for more details about the STP set up.
 
If you are not currently using any system to process your payroll or if you are looking for a better solution, there are a few low-cost STP solutions that you can choose such as XERO and MYOB. 
 
For more information about STP please refer to the link below:


https://www.ato.gov.au/business/single-touch-payroll/
 

Contact us now to see how our accounting experts can help.

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