Employers with 20 or more employees gradually started using Single Touch Payroll (STP) from 1 July 2018, however if passed by Parliament employers with less than 20 staff will be require reporting through STP from 1 July 2019.
Single Touch Payroll is a way of sending tax and super information directly to the ATO every time an employee is paid. Eventually the idea is that businesses will no longer need to provide employees with payment summaries at year end as this information will have already been reported to the ATO during the year. Furthermore, employees will be able to access their year to date payment information at any time from their myGov accounts.
The issue at hand is ensuring businesses have accounting systems in place to begin reporting data after 1 July 2019 if required to do so. If you need help with this, or it’s time to review or update your business’s software package, give us a call.
More information can be found here: https://www.ato.gov.au/Business/Single-Touch-Payroll/
