Single touch payroll or STP is a new ATO initiative aimed at online payroll reporting. It’s a way for employers to lodge the payroll of employees directly to the ATO every time they process the payroll instead of the end of the year.
Single Touch Payroll deadline of 1 July 2019 is fast approaching. What does that mean for you?
IF YOU ARE AN EMPLOYEE:
You will no longer get a paper/email PAYG Payment Summary you will need to get a my.gov account to access as the data will be sent electronically.
IF YOU ARE AN EMPLOYER:
You will need to start processing your payroll electronically using software - sorry you can no longer do it manually.
IF YOU HAVE A BUSINESS AND ONLY PAY YOURSELF AND YOUR FAMILY MEMBERS:
Closely held payees will be will be given a one-year exemption from single touch payroll reporting as the ATO works on moving into a quarterly reporting framework from 1 July 2020.
We can help you decide on the right software for your business and we recommend that you get set up early to avoid last minute headaches - call the office and have a chat with our team.
Founder & Director
Two Sides Accounting
02 9030 0269