Single Touch Payroll – Are you ready?
Employers with 19 or fewer employees are now required to start reporting through Single Touch Payroll (STP) from 1 July 2019.
STP requires employers to report their employees’ salaries and wages, pay as you go withholding and super information to the ATO from their payroll solution each time they pay their employees.
STP reporting became mandatory for employers with 20 or more employees on 1 July 2018. Over 60,000 Australian employers, representing around 4.3 million Australian employees, have been successfully reporting through STP.
Now Employers with 19 or fewer employees are required to do the same.
Single Touch Payroll is an important change that will deliver benefits for both employers and employees by streamlining payroll processes and providing greater transparency around super entitlements.
In saying this, however, this requirement needs in force by the 1st July 2019. If you are not sure of your requirements as an Employer, please contact us as soon as possible to discuss your options.
You can choose to manage this requirement yourself, or you can utilise our services to do it for you.
For more information about Single Touch Payroll please visit ATO website.