Are you ready for Single Touch Payroll?
Our team stands ready to help you and your business transition to Single Touch Payroll reporting. Contact us today for a free consultation.
Single Touch Payroll (STP) changes the way employers report salaries and wages, pay as you go (PAYG) withholding and superannuation information for employees. STP means that you will have to report payroll information to the Australian Tax Office (ATO) each time you pay your employees.
If you have 20 or more employees, STP starts on 1 July 2018.
If you have less than 20 employees, STP starts on 1 July 2019 (subject to passing legislation).
What does this mean?
- Each payday, employers will be required to report their employees’ payroll and super information to the ATO. This should be able to be done through your existing payroll/accounting software, so long as they have updated and enabled STP functionality.
- Your payroll cycle will not change – employees can still be paid on a weekly, fortnightly or monthly basis.
- PAYG withholding and super contribution payment due dates will not change, however, you can choose to pay earlier.
- By reporting through STP, you may not need to provide your employees with an end-of-year payment summary as the ATO will make this information available through MyGov.
- Employees will be able to see their year-to-date tax and super information through MyGov.
- Certain employment forms will be able to be completed online, including the TFN declaration and Superannuation standard choice form.
What do you need to do?
1. Count Your Employees
Count the employees who are on your payroll on 1 April 2018. If you have more than 20 employees, you will need to be ready to commence STP reporting on 1 July 2018.
Find out more about counting your employees here.
2. Update Software
Ensure that your payroll/accounting software offers Single Touch Payroll reporting. If they don’t or you’re unsure, talk with us to explore solutions.
Review your business and payroll processes to ensure that you are paying employees, calculating super entitlements and addressing overpayments correctly.
We can do this for you – contact us to find out how we can provide a bespoke, end-to-end payroll solution for your business.
4. Get Online
Encourage your staff to register with MyGov, if they haven’t already. STP reporting means that employees will be able to access their payroll information online.
From 1 July 2018, start reporting. Your pay cycle doesn’t need to change, just ensure that you’re meeting your reporting to the ATO through STP every time you pay your employees.
- 1 April 2018 – Count the employees on your payroll.
- 1 July 2018 – If you have 20 or more employees on 1 April 2018, start Single Touch Payroll reporting.
- 1 July 2019 – if you have less than 20 employees on 1 April 2018, start Single Touch Payroll reporting (subject to legislation being passed in parliament).
Find out more
Click here to find out more information direct from the ATO.
We’re here to help
Our team stands ready to help you and your business transition to Single Touch Payroll reporting.
With extensive experience in cloud accounting and payroll solutions, we will provide a bespoke solution that ensures you’re compliant with the coming changes.
Further, let us manage your payroll for you and have peace of mind that your staff will be paid on time, every time, while remaining on top of regulatory changes.