Single Touch Payroll Update
The AMA advises its members that there are upcoming changes to payroll reporting, which may affect your practice.
Single Touch Payroll (STP) is a reporting change that will require employers to report tax and super information to the ATO from their payroll software each time they pay their employees. This change started on 1 July this year. Employers with 20 or more employees need to report through STP under the law, while those with fewer than 20 employees can voluntarily report through STP.
The ATO is encouraging employers to find out what they need to do to report through STP.
- ask their software provider how they offer STP reporting
- talk to their tax professional for advice
- visit the ATO website for information about how to get ready.
There are useful resources available on the ATO website to help you prepare, including an STP fact sheet, checklist, videos and guidelines for employers who are ready to report.