A new era of payroll reporting has started
Single Touch Payroll (STP) reporting has commenced, with around 40,000 employers sending tax and superannuation information from their payroll software each time they pay their employees. Their employees can then see their year-to-date tax and super information in ATO online, accessed through myGov. Then at tax time, the STP data will be pre-filled into their tax return and payment summary information will be available to their tax agent.
On July 2018 STP became compulsory for employers with 20 or more employees. The ATO are reminding employers that penalties generally won’t apply in this transition year as the ATO continues to focus on providing tailored support to employers as they commence their STP reporting. These rules will apply to all employers from 1 July 2019.
As an employer, if you feel you need additional time to transition to STP reporting you can do so by completing the ATO’s online form.
For more information on STP please click here or contact us.
Please note this information is of a general nature only and if you wish to seek further clarification on how these changes would apply to your individual circumstances please contact us.