In the 21st century, the evolution of technology leads to the transformation of thousands of things. Single Touch Payroll (STP) is likewise an advanced, significant change to report payroll information to the Australian Taxation Office (ATO). Since July 1st 2019, STP is mandatory for businesses with 19 or fewer employees. It not only helps ATO to supervise more efficiently but also gives advantages to employers and their staff.
For ATO, STP assists to collect the information on salary, wages, PAYG withholding and super liability from companies in a productive way. It is fast, accurate and extremely security. Furthermore, ATO can control and diversely analysis of the data.
Business owners and their employees also get benefits from STP. Employers will no longer need to wait until the end of financial year to report their information to ATO. Now, they can save their valuable time by updating on a pay-by-pay basis. And with STP, instead of re-sending paperwork, people only need to update information online when there are any mistakes. For employees, STP is an effective mean of insurances. They can anytime access year-to-date payments and contributions via a website called myGov. Electronic commencement forms including a pre-filled Tax File Number Declaration and Super Choice form helps people to start a new job simpler.
It can not be denied that STP brings big values to the Australian tax community. If your business wants to fully utilize its advantages, feel free to contact Gordon QC Du & Associates on (08) 9345 0499 or website www.gordondu-associates.com.au. We will make the best to give you a helpful consultation.