When it comes to reporting your company’s wage-paying protocol, the ATO (Australian Tax Office) has introduced a new initiative; Single Touch Payroll (STP). With the ability to declare payments and relay tax and super information every time you pay your employees, the additional software could streamline the way your reports function for the future.
As of 1 July 2018, all employers with 20 or more employees are required to move to STP.
What to do
If you or your clients haven’t moved over to STP yet, you will need to obtain a deferral from the ATO. A deferral will allow a company more time to set up software and get acquainted with the processes involved. If you are unsure of what to do, or are ready and want a little more information, you can find useful resources on the ATO’s website.
It may be worth browsing if you need:
- Information regarding STP reports for clients, for registered agents who are providing a payroll service to others
- Technical advice on how to report using the system; including what to declare, making amendments to reports and how to finalise submissions
- Troubleshooting guidelines
- Helpful digital resources, including news and events
- An ATO community page where you can join conversations and connect with others regarding STP
As the reporting system may differ depending on your current software, your digital service provider may be able to offer help when setting up your STP (some will have their own resources available to offer assistance in these instances).
Source – https://www.ato.gov.au/Tax-professionals/Newsroom/Digital-interaction-with-us/Moving-to-STP-reporting/