Single Touch Payroll or STP Will Affect All Australian Employers
What is Single Touch Payroll or STP?
It has been introduced to streamline payroll reporting through to the Australian Taxation Office.
This is a reporting change for employers whereby your business will have to report payments such as salaries and wages, pay as you go (PAYG) withholding and superannuation information from your payroll each time you pay your employees.
When Does This Come Into Effect?
Legislation has been passed by Parliament to be compulsory to all employers with 19 or less employees from 1 July 2019.
If your business has 20 employees or more you should have been reporting since 1 July 2018.
Are You STP Ready?
Unfortunately, old versions of software packages, excel spreadsheets or no record keeping will not be acceptable going forward.
What To Do Now?
We have also posted further information on our website and please stay tuned as we will are about to announce a Seminar and Webinar on this very important topic.
Alternatively, you can contact our office and we will guide you through this process with professional advice from our certified team members at JSP Partners.