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Business Tax Tip – Single Touch Payroll – STP and the ATO – the new reporting method

images/Business Tax Tips.PNGSTP – Single Touch Payroll – is where the software sends the pay-run details as well as the super due, as an amount that is total (that is, year-to-date) at each and every pay-run, to the ATO. It means Payment Summaries will not be required at Year End – the ATO will have all they need already, by the last pay-run that is recorded in June!

Preparing for STP –

·         Businesses with 20+ employees started reporting from 1 July 2018 – most software was ready in June 2018.

·         Businesses with 19 or LESS employees – must start by 1 July 2019 – but you CAN opt-in to start BEFORE if you choose!

Support  -

1.   ATO STP info site - www.ato.gov.au/stp. – and their Fact sheet – From the ATO siteWe have produced the following summary fact sheet as a handy resource: Single Touch Payroll factsheet (PDF 228KB) This link will download a file for you.

Single Touch Payroll (STP) aligns your reporting obligations to your payroll processes.

You will report to us each time you pay your employees. Your pay cycle does not need to change. You can continue to pay your employees weekly, fortnightly or monthly.

The information you send us will include your employees' salaries and wages, allowances, deductions (for example, workplace giving) and other payments, pay as you go (PAYG) withholding and superannuation information.

2.     Update to the latest version as it arrives - The software will notify us when the STP features are ready.

3.     Software that is ready - For a list of available STP solutions visit the STP product register.

4.     Consulting – Ask tax questions of your tax or BAS agent – software and set up - Paul will be available for either - onsite – or remote login with Teamviewer, as the features are available, if you need help setting up.

Need help? Not sure? Call for FREE 30min advice / strategy session today!

Email This email address is being protected from spambots. You need JavaScript enabled to view it. or call 0407 361 596 Australia

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Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
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