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Single Touch Payroll?

Single Touch Payroll

What is Single Touch Payroll?

Single Touch Payroll, also known as STP is the new way of reporting tax and super information to the ATO. With the introduction of Single Touch payroll, as an employer, you will send you employees’ superannuation and tax information automatically when you process your payroll. Single Touch Payroll is now available through a majority of business management software, whether that is a payroll or accounting system.

Dependent on your provider, you may have until September 30 to start reporting employee details through the Single Touch Payroll. If you are unaware of your software and need more information, contact your provider for more details.

How Single Touch Payroll works

Single Touch Payroll works, by sending the ATO superannuation and tax information from your business management software when you process payroll. Your payroll process will not change, you will go payroll as normal, from paying your employees to giving them payslips, your pay cycle does not need to change. But, what will change is that your payroll software will then send us through a report filled with details that include

Has Single Touch Payroll passed legislation?

Payroll went through a significant legislation change in 2018; From the 1st of July 2018,

Employers with twenty or more employees will be reporting to the ATO through single touch payroll unless you have been granted a deferral. Small businesses had until

Benefits of single touch payroll system

For your employees, they will be able to access their year-to-date tax and super information online through their myGov account. This ensures that every time you report with STP, your employees will have access to that information straight away. Previously, without the introduction of single touch payroll (STP) employee data was only reported at the end of the financial year. If a mistake is made during an STP report, you do not need to stress, you can easily correct it and you do not have to worry about being penalised by the ATO.

As an employer, you will no longer have to provide payment summaries to your employees for the information that is reported through STP. Once the data is finalised at the end of the financial year, your employee can easily lodge a tax return online, using the Single Touch Payroll information, that will be easily accessible from the ATO services page.

Single touch payroll checklist:

  • Small employers with 19 or fewer employees – need to start reporting through STP any time before 30 September 2019.
  • Employers with less than four employees will have additional options that include low cost & no cost products. Or they are able to report quarterly.
  • Large employers with 20 or more employees – should already be reporting through STP.
If you are using a payroll system, it may need to be upgraded to enable single touch reporting.Speak with your software provider for information about your ATO payroll.
For companies with less than 20 employees, they have the option to report with single touch payroll. The legislation is before parliament to help extend one touch payroll for all employers from the start of the 2019 financial year.

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