Are you STP Ready?
Single Touch Payroll (STP) is a new way of reporting tax and super information to the ATO.
Large employers with 20 or more employees should already be reporting through STP or have applied to the ATO for a later start date than 1st July 2018. The parliament has passed legislation to extend STP to include all employers from 1 July 2019 for employers with 5-19 employees (small employers). This is a gradual transition with flexible options and not all employers will start reporting at the same time.
If you are using a solution that offers STP reporting, such as payroll or accounting software, you will send your employees' tax and super information to the ATO each time you run your payroll and pay your employees. The information is sent directly from your software, or through a third party – such as a sending service provider.
Determine when you need to start reporting from one of the following options. It is best to start reporting as early as you can before 1st July 2019. If you use payroll software which offers STP, you can update your product and start reporting any time.
If you have four or less employees (micro employer) and you don't currently use payroll software, there will be other ways to report STP information.
There are lots of software developers with low-cost STP solutions for micro employers – including simple payroll software, mobile phone apps and portals. As a registered BAS agent providing bookkeeping services we will also be able to report your STP information quarterly, rather than each time you run payroll. This option will be available until 30 June 2021.
Not sure about Single Touch Payroll, or even where to get started? Is payroll causing you stress and confusion? We’re here to support you! Our payroll services can take the stress away and make sure you're compliant. Alternatively, schedule a consultation with one of our payroll experts – we will discuss your needs and help you come up with the right solution.
Contact us for more information.