If you employ Staff, Family or Directors, you must get ready for SINGLE TOUCH PAYROLL – Act now before
Single Touch Payroll is a change to the way employers report their employees' tax and super information to us.
Using payroll or accounting software that offers STP, employers send their employees' tax and super information to us each time they run their payroll and pay their employees. The information is sent to us either directly from the software, or through a third party – such as a sending service provider.
Software providers can tell you more about how they offer STP reporting.
Employers with 20 or more employees
STP reporting started gradually on 1 July 2018 for substantial employers (those with 20 or more employees).
Find out if your software is STP-ready by talking to your software provider. Your tax professional can also help.
Employers with 19 or less employees
Legislation to extend Single Touch Payroll to include employers with 19 or less employees is currently before parliament. The Bill has been passed by the Senate with a number of proposed amendments. It has been referred to the House of Representatives to consider the amendments put forward.
For now, you can choose to report through STP. Talk to your software provider to find out what you need to do to update your software and start reporting.
We won't force employers with 19 or less employees to purchase payroll software if they don’t currently use it. Different STP reporting options will be available by 1 July 2019 to help smaller employers.
We have asked software developers to build low-cost STP solutions at or below $10 per month for micro employers – including simple payroll software, mobile phone apps and portals.
We have received over 20 expressions of interest (EOI) from software developers and will publish a register of the successful EOIs we have received by 30 November 2018.
Micro employers (1–4 employees) will also have a number of alternate options that are not available to employers with 20 or more employees – such as initially allowing your registered tax or BAS agent to report quarterly, rather than each time you run your payroll.
Exemptions to STP reporting will also be available if you have no internet or an unreliable connection.
To find out how you can automatically report payments such as salaries, wages, and tax withheld and superannuation from your payroll solution each time you pay, attend our Single Touch Payroll webinar.
If you do not have a Payroll System and if you need any assistance in any of the above, please do not hesitate to call me or the Aspire Now team on 07-38998062 for assistance.
PLEASE LIKE & FOLLOW US ON FACEBOOK AND STAY UP TO DATE CLICK HERE: https://business.facebook.com/AspireNow.PtyLtd/