As an employer, what you need to know about Single Touch Payroll (STP)

Key Dates:

1 April 2018 – Employers will need to do a head count of their employees.  If there are more than 20 employees on this date, they will need to make sure the payroll software is STP enabled from 1 July 2018.

1 July 2018 – The official start date for STP

 

What is STP?

This is a new way that employers will report salary and wage payments to the ATO and will be in effect from 1 July 2018.

 It is a government initiative to simplify business reporting obligations.  Single Touch Payroll is a reporting change for employers with 20 or more employees.

Employers will need to report payments such as salaries, wages, PAYG withholding and super information electronically to the ATO directly from their payroll solutions at the same time they pay their employees.

This means that the payroll summaries for employees won't need to be completed at the end of the financial year as the payroll information is reported directly to the ATO in real time throughout the year.

 

Check out the ATO information on Single Touch Payroll

If you would like to discuss this or any topic further, please email:  mail@watsonerskine.com.au

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