From next week (1 July, 2018 to be precise) employers will need to report their employees’ tax and super information to the ATO through payroll software that is STP (Single Touch Payroll) ready. Are you prepared?
The ATO has plenty of informative resources regarding Single Touch Payroll which is a great refresher for those who are prepared and a great starting point for anyone who needs to get organised.
Here’s a snap shot (excerpt from the ATO):
- It starts from 1 July 2018 for employers with 20 or more employees.
- You will report payments such as salaries and wages, pay as you go (PAYG) withholding and superannuation information from your payroll solution each time you pay your employees.
- Single Touch Payroll will be expanded to include employers with 19 or less employees from 1 July 2019. This is subject to legislation being passed in parliament.
To obtain more information on Single Touch Payroll and your obligations, please visit the follow pages on the ATO website: