What Your Business Needs To Know About Single Touch Payroll
When Does The Reporting Start
Single Touch Payroll is now mandatory for all businesses irrespective of the number of employees. Your STP start date can be determined by the number of employees you had as on 1st April, 2018.
1) For businesses with 20 or more employees - STP reporting became mandatory from 1st July, 2018
2) For businesses with 19 or less employees - STP reporting became mandatory from 1st July, 2019
3) For micro businesses with 1-4 employees - STP reporting is mandatory but if they don't currently use payroll software, there are concessional reporting options for micro employers.
Compliance With Single Touch Payroll Under Different Payroll Options
Your payroll processing system should be STP compliant in order to send your payroll information report to the ATO. Mainly there are three ways to send the STP data, depending upon the payroll system that you use.
1) Through existing accounting software - If your current accounting solution is STP-enabled, you can directly send your payroll information to the ATO.
2 ) Choosing a STP-enabled software - If you currently use paper and manually submit your payroll report, or your software is not STP-enabled, you should consider a suitable product to meet your payroll reporting obligations.
3) Reporting through a third party - You can also ask a third party such as a payroll provider or registered tax agent to report to the ATO on your behalf. But you must make sure that the third party will be reporting for you through STP-enabled software.
If you have any questions regarding STP or willing to outsource payroll along with Bookkeeping & Accounting functions, please call us on 08 6164 2459.