Single Touch Payroll (STP) is a new way of reporting payroll information to the Australian Tax Office.
Businesses previously reported this information to the ATO once a year. Now, they need to send a report after each pay day. And those reports must be submitted using a solution that is Single Touch Payroll compliant, such as payroll or accounting software.
With Single Touch Payroll (STP), there is no longer a need to prepare the payment summary annual report and the payment summary for each employee. You will simply let the ATO know when you’ve made your last pay run of the financial year for your employees.
Your employees will be able to see the information that would normally be on their payment summary by logging on to myGov.
Legislation passed in Australia means all businesses will have to start reporting employee salaries, wages, PAYG withholdings and super to the ATO.
We understand adopting a new technology and embracing a digital future can be daunting, that’s why we can help you find a payroll and online accounting software that will make it easier than ever.
To be ready for the switch, you’ll need to make sure you can submit compliant reports every payday.
We can help your business become Single Touch Payroll ready so don’t worry, we’ve got it sorted for you. Call us today to see how you can get started.
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Whether it’s tax, accounting, business advice, bookkeeping or technology & automation, we can help you take care of your business.
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