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Business Tax Tip – What is STP - Single Touch Payroll reporting?
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Published on Thursday, 31 May 2018 10:56
STP – Single Touch Payroll – means the software sends the pay-run details as well as the super due, as an amount that is total (year-to-date) as at each 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 –
· Businesses with 20+ employees MUST be ready by 1 July 2018 – the software is due to be ready in June 2018
· Businesses with 19 or LESS employees – must start next year 1 July 2019 – but you CAN opt-in to start 1 July 2018 if you choose!
Support -
1. ATO STP info site - www.ato.gov.au/stp. – and their Fact sheet – From the ATO site – have produced the following summary factsheet as a handy resource: Single Touch Payroll factsheet
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 – I suspect we may just use the ABN to identify with the ATO – and/or an AUSKEY – they haven’t specified how yet.
3. Software that is ready -https://www.absia.asn.au
4. Consulting - Paul will be available for either - onsite – or remote login with Teamviewer in June, as the features are available, if you need help setting up.
5. In the next weeks – we’ll cover how STP works with each main software - MYOB, Xero, Reckon – keep informed: subscribe to the right software.
Need help? Not sure? Call for FREE 30min advice / strategy session today!
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or call 0407 361 596 Australia
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