STP is mandatory for all small Australian businesses with 19 or less employees and it starts on the 1st July 2019. Are you ready? Your Accountant can help with any questions you have.
Some basic questions that are being asked and the answers.
What is STP?
Single Touch Payroll (STP) is a new way of reporting tax and super information to the ATO. … There will also be a number of options available for employers who do not use payroll software, such as No-cost and low-cost Single Touch Payroll solutions.
Is STP compulsory?
Single Touch Payroll is already compulsory for businesses with 20 or more employees. Those businesses already report their employees' payroll and super information to the ATO each time they pay their employees.
From the 1st July 2019 STP becomes compulsory for all businesses, not matter how few employees they have.
What is STP Australia?
Single touch payroll is a new regulation that changes when and how small businesses report payroll activity to the Australian Tax Office (ATO). Now, they need to send a report after each pay day.
What are the benefits of STP?
Single Touch Payroll is the government trying to align reporting obligations to payroll processes. With STP, business owners can submit payroll information, such as salaries, allowances, deductions, PAYG and super, immediately after a 'payroll event' – avoiding the need for action at a later date.
Click here to for more information and resources on the ATO website.
Australian Taxation Office – ATO