What is Single Touch Payroll?
Putting it quite simply, instead of providing an annual payment summary to your employee’s you will now “File” the statement as part of every pay run to the ATO. This then allows your employees to access this information at any stage via their MyGov Secure log on and removes the need for you as a business to provide an annual statement.
Who does it impact?
Single touch payroll started from the 1st of July 2018 for employers with 20 or more employees.
From the 1st of July 2019 it will also include employers with 5 – 19 employees.
If you have 4 or less employees and don’t currently use payroll software, there will be other ways to report the STP information.
As mentioned above the legislation takes (or took) effect on the above dates depending on the size of your business. However, it is recommended that you start the process now. You can start reporting now however you will first need to check whether your payroll system is STP enabled. Assuming it is you will then need to contact the ATO to complete the set-up.
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Why as 3E Advantage are we sharing this information?
We deal with thousands of clients many of which are Business Owners and our clients are important to us.