Single Touch Payroll
STP - Single Touch Payroll
Reporting Change for Employers
What is STP?
It means that employers will report payments as salaries, wages, PAYG and Super directly from the payroll software at the same time the employees are paid.
It will replace payment summaries at the end of the financial year as the information will have already been reported during the year.
DON’T WORRY here at ABA we will be making sure that each quarter you are reporting the correct information and helping you to stay on top of your payroll obligations.
When will this start?
If you have 20 or more employees: 1 July 2018
If you have less than 20: 1 July 2019 (with the ability to opt in earlier)
· September 2017 – Employers with 20 or more employees will be written too to inform them of their reporting obligations under Single Touch Payroll.
· October 2017 – Increase in the release of STP solutions by digital service providers.
· 1 April 2018 – Headcount will need to be done to determine if you need to report through STP.
· From 1 July 2018 – STP will become mandatory for employers with 20 or more employees.
MYOB have said they are working closely with the ATO to ensure the payroll software products have the STP function before the ATO deadline of 1 July 2018.