Single Touch Payroll (STP), is a new way of reporting tax and superannuation information to Australian Taxation Office(ATO). All businesses used to report this information to the ATO once a year previously.
Now with STP you report employees’ payroll information – such as salaries and wages, pay as you go (PAYG) withholding and super each payday to ATO each time you pay them through STP-enabled software. With Single Touch Payroll, the payment summary annual report and the payment summary will go away.
When and how you report depends on what type of employer you are:
Small employers with 19 or less employees – need to report through STP before 30 September 2019.
Large employers with 20 or more employees – you should already be reporting through STP.
There are different pathways to start STP reporting, depending on your circumstances.
There are a number of concessional reporting options available to help you transition to Single Touch Payroll reporting if you are;
Micro employers in the agriculture, fishing and forestry industry
Micro employers who are not-for-profit clubs and associations
Closely held payees/Self employed or sole Director
Seasonal and intermittent employers
Employers of inbound assignees
Contact us for more info or to start with single touch payroll cloud based cost effective options.