Single Touch Payroll | Business Boost Centre

STP - Let’s talk about the elephant in the room

What is STP?

Single Touch Payroll (STP) is a new regulation that changes when and how small businesses report payroll activity to the Australian Tax Office (ATO).

STP is an initiative introduced by the ATO to provide real time visibility over the accuracy and timeliness of payroll processes.

How it affects you?

You used to report this to the ATO once a year. Soon, you’ll need to send a report after each pay day. And those reports must be submitted digitally, using a very specific format. This means that you will no longer have to do the following at EOFY!

A payment summary annual report for the ATO, stating how much the business had paid in salary or wages, the PAYG withheld, and some superannuation contributions they’d made
A payment summary for each employee, stating what each employee received in wages or salary, the payroll taxes collected from their pay, and some superannuation contributions made on their behalf

No more Payment Summaries

Payment summaries won’t need to be sent to employees anymore. The ATO will use single touch payroll reports as the sole record of salary/wages paid, taxes collected, and superannuation contributed.

Employees have access to their information

Your employees will be able to see the information that would normally be on their payment summary by logging on to myGov.

STP starts for ALL employers 30 June

With the end of financial year coming up on us fast, it's time to take action now and be ready for the transition.

What you need to do!

STP is all about change management between now and End of Financial Year (EOFY).

We all know EOFY is a busy time, so this information is all about assisting you adopting a proactive approach to change management. It’s good to get this underway now, before your work gets too busy.

Review your business process

Make sure the right people in your business know about Single Touch Payroll – especially your payroll staff.

Check if you are paying your employees correctly.

Check if you are calculating your employees’ super entitlements correctly.

Check if you are addressing overpayments correctly.

Is your employee information accurate, including names, addresses, date‐of‐birth records?

Enquire NOW

To ensure your business is compliant with STP requirements, our AWARD WINNING Bookkeepers can help. Contact us today by submitting the form below or phone on 0415 225 552. Book in your obligation FREE STP health check.