STP is finally here! From 1 July 2018, all employers with 20 or more employees (as at 1 April 2018), must report their payroll information to the ATO via Single Touch Payroll. STP is a reporting change for employers. Essentially, STP requires that each time an employer pays their employees, they will have to instantly report to the ATO information such as the salaries and wages, pay as you go (PAYG) withholding and superannuation. The information will need to be reported from software, which is STP-enables. Eventually this will mean:
NB employers with less than 20 employees (as at 1 April 2018) your STP start date will be 1 July 2019.To finish reading this article – log into the Members Area and see your July/Aug Newsletter edition page 11Not a member – SIGNUP NOW and have access to this and many other tax planning & tax saving articles //mytaxsavers.com.au/plans/subscriptions/
- Employers will not need to provide Payment Summaries to their employees for the payments reporter through STP.
- Employees will be able to view their payment information in ATO online services, which they will access through their myGov account.
- Some labels on Activity Statements will be pre-filled with the information already reported.