Single Touch Payroll – Now Extended to All Businesses
Single Touch Payroll (STP) was introduced on 1st July 2018 for all businesses with 20 or more employees. The Bill to extend the Single Touch Payroll reporting requirements to all employers has now passed the Senate and will soon become Law.
This means STP is set to be rolled out in stages to smaller organisations with less than 20 employees as at 1 July 2019.
STP will require you to have your payroll transaction data transferred to the ATO each time your employees are paid. This will require you to use a software solution that will transmit the data to and from the ATO on your behalf.
Each pay cycle must report:
• each employee’s name and tax file number (TFN)
• gross amount paid
• tax withheld on the gross
• ordinary time earnings for the period, and
• any superannuation guarantee obligations.
Our advice is to become STP ready to avoid any ATO fines or penalties.
If you are still using a manual system or your system is not STP compliant it is now time to see CrossCorp to discuss your options. We can review your current bookkeeping and accounting system and work with you to find the best solution.
Contact CrossCorp today!
