Feb 18, 2019
The government has been moving toward a new system of how employers report their employees tax and super information to the Australian Taxation Office (ATO).
Known as Single Touch Payroll (STP), the employer sends their employees tax and super information to the ATO each time they run their payroll or pay their employees.
This information is sent either directly from accounting software, or through a third party.
STP reporting began from 1 July 2018 for substantial employers (those with 20 or more employees).
Recent legislation which passed through parliament will require all businesses to comply with STP reporting from 1 July 2019.
The ATO is working with software providers to develop low cost reporting solutions, however;
- Micro employers (1 - 4 employees) will have time to transition.As tax agents we will be able to report information quarterly.
- Small employers (5 - 19 employees) will be given a grace period of up to 30 September 2019 to be submitting live pay data.
We recommend contacting us to discuss your requirements as soon as possible so we may be able to conclude on a workable solution for your employing entity.