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Business Tax Tips – What is Single Touch Payroll (STP) Reporting

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

Preparing –

  • Businesses with 20+ employees MUST be ready by 1 July 2018
  • Businesses with 19 or LESS employees – must start 1 July 2019

Support to find out more -

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

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.

  1. Update to the latest version – see what MYOB, Reckon, Xero and Quickbooks Online offer.
  2. Software that is ready - https://softwaredevelopers.ato.gov.au/product-register.
  3. Consulting - 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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