What is Single Touch Payroll (STP)?
STP will require you to have your payroll transaction data transferred to the ATO each time your employees are paid. Your payroll software solution or reporting system must be STP Compliant, so that each pay cycle you can report the following items to the ATO:
each employee’s name and tax file number (TFN)
gross amount paid
tax withheld
any superannuation guarantee obligations.
What do you need to do?
Our advice is to become STP ready now so you are prepared for 1st July 2019. The ATO has stated that no penalties will arise in the first year for mistakes, missed or late reports.
If you already use payroll software check to see if it is compliant with step by step instructions below, depending on your payroll software;
- Xero please click here
- MYOB please click here
- Quickbooks please click here
If your payroll system is still manual, it is now time to discuss and review your internal processes. The STP regime is mandatory for all employers by 1 July 2019. If you have 1-4 employees we can implement a low cost STP solution for you.
Please contact our office if you need to discuss your situation further, we are more than happy to help you through this change.
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The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.
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