Are you ready for Single Touch Payroll?
If you’re an employer, it’s important that you know about a new requirement from the Australian Tax Office (ATO) called Single Touch Payroll (STP). The new initiative will streamline employer payroll reporting for employees.
How to prepare
From 1 July 2018, if you employ 20 or more employees, you must report their salaries and wages, pay as you go (PAYG) withholding and superannuation to the ATO. The employee headcount will be determined from 1 April 2018.
Next year, from 1 July 2019, every employer with 19 or less employees, must report these employee details to the ATO. You can report this information when you pay your employees using updated payroll software. To find out if your software is compliant, check with your payroll software provider.
Need more information?
To help you understand STP, we’ve developed a STP Factsheet and you can ensure you’re ready by the 1 July 2018 deadline by completing the STP Checklist. If you have any additional questions about STP, visit the ATO website at ato.gov.au/STP or call 13 28 66.