STP is an opportunity to review and streamline your payroll
Single Touch Payroll (STP) is a government initiative to streamline your payroll reporting to the ATO. All employers with more than 20 employees need to be ready for STP on July 1st, 2018 unless you or your software provider have been granted an extension.
STP requires employers to submit salary, superannuation and tax details to the ATO each time they pay an employee. It also provides a mechanism for the ATO to send messages back to the employer, about the information submitted.
STP is part of the Standard Business Reporting (SBR) framework to digitise communication between you and the government. The focus of STP is reporting, with aim to provide greater transparency between you, the ATO and your employees.
You don’t need to change your payroll frequency and the payment of your PAYG and Super contributions don’t need change either. You still need to produce payslips for your employees each pay, but from next year you won’t need to give your employees a Payment Summary, as they will be able to get the information through myGov.
Presence of IT is your STP connection
To be ready for STP, you only need to follow four simple steps, and Presence of IT can help you each step of the way.
Let's get you ready for STP
Need more information? Download our free eBook now:
We're here to help
Contact us for all your STP questions.
Email us at email@example.com.