Single Touch Payroll (STP) is not an unfamiliar phrase in the Australian business community. Despite its common, there are still many employers who do not perceive STP. However, you can use our article to get a general understanding of STP if you are stuck in it.
WHAT IS SINGLE TOUCH PAYROLL?
STP works as a tool reporting tax and super information of entities to the Australian Taxation Office (ATO) in the standard pay run. Every task you normally do will not change: handle payroll, make payments to employees and give them payslip. But all are online and updated before each payday.
WHAT DO YOU NEED TO REPORT THROUGH STP?
All basic information making up a paycheque is required to send to the ATO. These data must match previous employers’ and employees’ records.
Salaries, wages information
Super guarantee amounts
Ordinary time earnings
KEY DATES FOR IMPORTANT MILESTONES
1 July 2018 : STP is mandatory for employers with 20 or more employees
1 July 2019 - 30 September 2019: All small employers having fewer 20 staff have to use STP. They have 2 months to transition without having to apply for a deferral. Micro employers can choose to report through registered tax or BAS agent quarterly, but the agent has to apply for the concession on their behalf by 30 Sep 2019.
30 June 2021 : Micro employers need to move to real-time payday reporting.
HOW TO REPORT?
There are 2 selections you can choose to send your information to the ATO, depending on the software you use and type of your business:
Selection 1: Report through your accounting/payroll software if it is STP-enabled or look for a new availability software.
Selection 3: Inquiry a third party to report for you
We hope you can find the above information useful for your business. Don’t hesitate to contact us if you need any consultants. Find us on the hotline (08) 9345 0499 or our official email firstname.lastname@example.org
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