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What is Single Touch Payroll (STP) and how will it affect you?

What is Single Touch Payroll (STP) and how will it affect you?

There are new mandatory salary and super reporting requirements commencing 1 July 2018. Single Touch Payroll (STP) is a government initiative that will change the way you report on your payroll to the ATO from 1 July 2018.

Under STP, businesses are required to report on salary or wages, pay as you go (PAYG) withholding and superannuation directly to the Australian Taxation Office (ATO), electronically, and at the same time as their employees are paid.

This new streamlined reporting to the ATO will make it easier for employers to meet payroll processing obligations, and employees to view their information and lodge annual tax returns.

To help you understand how Single Touch Payroll works and get your business and employees ready for these changes, download your Single Touch Payroll Guides below.

Give us a call today on (08) 9248 9991 or book through Calendly and meet one of our amazing accountants.

Best regards,

Managing Director

By admin| June 21st, 2018|Uncategorized|0 Comments