22 Mar Single Touch Payroll (STP)
Single Touch Payroll (STP) is a reporting change for employers
It starts from 1 July 2018 for employers with 20 or more employees
You will report, to the Australian Taxation Office (ATO), payments such as salaries and wages, pay as you go (PAYG) withholding and superannuation information from your payroll solution each time you pay your employees
STP aligns your reporting obligations to your payroll processes
- You will report to the ATO 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 to the ATO will include employees’ salaries and wages, allowances, deductions (for example, workplace giving) and other payments, pay as you go (PAYG) withholding and superannuation information
What will change with Single Touch Payroll
- Each time you pay your employees, you will report the tax and super information to the ATO from your STP-enabled payroll solution.
- You will need to provide payment summaries to your employees for the payments you report through STP
- What you will need to do
- You may need to choose a new payroll solution that offers STP reporting (for example, MYOB)
- Ask a third party, such as your payroll service provider to report on your behalf
- Contact BCFR Chartered Accountants if you require assistance with the set-up of STP or assistance with choosing a payroll solution that bests you.
It is your obligation as an employer to make sure that you are reporting through Single Touch Payroll.