Single Touch Payroll 

The ATO recently made Single Touch Payroll (or STP) compulsory for all employers, from 1 July 2019.
ATO Single Touch Payroll employer reporting guidelines: https://www.ato.gov.au/Business/Single-Touch-Payroll/In-detail/Single-Touch-Payroll-employer-reporting-guidelines/ . 

How does it effect employers? 
Previously employers reported payroll information to the ATO once a year. Soon, employers will need to send a report after each pay event. These reports must be submitted digitally, using a specific format. This means that employers will no longer have to report payment summary annual reports or employee payment summaries at EOFY.
The ATO will also use this information to record the wages paid, taxes collected and superannuation contributions on an individual level. Employees will be able to see this information by logging onto myGov.

 

What do I need to do? 
You may already be using accounting software that is STP compliant. If so, opt in and begin to report via STP. 
If you're not yet using STP compliant software now is the time to move your business to a payroll or accounting software solution that supports STP.   
The ATO have provided a list of no-cost and low-cost payroll solutions for micro employees (1-4 employees):  https://www.ato.gov.au/business/single-touch-payroll/in-detail/low-cost-single-touch-payroll-solutions/

 

Resources
See Xero's questions answered article for FAQ: https://www.xero.com/blog/2019/02/your-questions-on-single-touch-payroll-answered/
Visit the ATO's website for further information: https://www.ato.gov.au/Business/Single-Touch-Payroll/ or https://www.ato.gov.au/Business/Single-Touch-Payroll/News,-events-and-resources/ 


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