STR is a significant change for business tax compliance, though for now those businesses that need to make this charge have 20 or more employees. Changes take effect on 1-7-2018, 12 months later for businesses with less than 20 employees.
In short, this change means that ‘you will report payments such as salaries and wages, pay as you go (PAYG) withholding and superannuation information from your payroll solution each time you pay your employees.’
The information and links listed below will help you quickly check or double check what you need to do to comply. If you are having trouble or want to discuss cash flow and tax implications then ask your accountant. But, above all, do not delay in getting ready for this change.
ATO resources and explanatory notes:
- Single Touch Payroll, including two videos.
- About Single Touch Payroll
- Get ready for Single Touch Payroll
- Report through Single Touch Payroll
- Single Touch Payroll for employees
- News, events and resources related to STR
- What you need to report through Single Touch Payroll
Source: Australian Taxation Office (ATO)