Are You Ready For Single Touch Payroll

Are you ready for Single Touch Payroll

Single Touch Payroll (STP) is a new way of reporting tax and superannuation information to the Australian Tax Office. It started in July 2019. If you are not yet reporting, you will need to apply for more time. Once you start STP reporting, you need to keep reporting each time you pay your employees.

What is Single Touch Payroll

Single Touch Payroll (STP) is a way of reporting payroll information to the Australian Tax Office (ATO). Businesses used to report this information to the ATO once a year, now, they need to send a report after each payday. And those reports must be submitted using a solution that is Single Touch Payroll compliant, such as payroll or accounting software. With Single Touch Payroll (STP), the payment summary annual report and the payment summary will go away.

Do you have the right Software

Using STP-enabled software you’ll send your employees’ salary and wage, tax withheld, and super information to us each time you pay your employees.

This means:

  • you’ll report to the ATO each time you pay your employees
  • you’ll report super information to the ATO
  • you won’t need to give your employees a payment summary for the information you’ve already reported and finalised through STP.

Single Touch Payment reporting options

If you have 1–4 employees, you can report using a no-cost or low-cost STP solution. See Software solutions for Single Touch Payroll for a list of providers.

Employers with 5–19 employees: If you use payroll software that offers STP, you can update your product and start reporting any time. Talk to Great Accounting to find out what you need to do.

If you are not ready right now, we can give you advice on how to transition to STP reporting.

Your small business solutions partner

By using Great Accounting’s small business solutions, you will have all of the necessary things put in place. Things like Payroll, Balancing your books, and your business strategy. And the best part is that you don’t even need to leave your office. Being a “technology-ready” accounting firm everything we do is online.