Single Touch Payroll Will Change The Way You Report Your Tax and Super
This text is from an email dispatched by the Australian Tax Office on 6-March 2019.
Written by
Invested In You
This is why our professional services go well beyond tax compliance and corporate accounting services. At Curve Accountants, our comprehensive approach is designed to present you with proactive, tailored advice that allows you to make smart financial decisions. From strategies for managing wealth and minimising tax to succession planning and business restructuring, we are committed to offering advice tailored to your unique situation.
Single Touch Payroll (STP) is a new way for employers to report tax and super information to the ATO. It starts from 1 July 2019 for employers with 19 or less employees.
You’ll report the following information through an STP ready solution – such as payroll software:
- payments to employees such as salaries and wages
- pay as you go (PAYG) withholding
- super information.
The way you pay your employees won’t change, however you will be sending us this information each time you pay them.
Start reporting any time from 1 July to 30 September 2019. If you can’t start reporting by this time, you’ll need to apply for a later start date. An online tool to help you do this will be available on our website in April.
How to get started:
- If you already use payroll software – check to see if it offers STP reporting by talking to your software provider or viewing their website.
- If you don’t use payroll software – you can choose an STP ready solution or talk to your tax professional for advice on the best solution for your business.
- If you use a registered tax or BAS agent – you can ask them to report through an STP ready payroll solution on your behalf.
- If you have 1-4 employees – you can choose a low-cost STP solution.
Helpful tip:
Familiarise yourself with the STP reporting requirements before implementation to avoid compliance issues. Ensure payroll records are accurate and your software is up to date. Regular payroll reviews will help maintain accurate reporting.
BERIVAN DUBIER
DIRECTOR
Reviewed by
SEAN DWYER
Edited by
Alix Dower
PRACTICE MANAGER
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