Single touch payroll (STP) is a new ATO initiative aimed at online payroll reporting. It’s a way for employers to lodge tax and super information of their employees directly to the ATO via their payroll or accounting software. This means you’ll be required to report salaries and wages, PAYG withholdings, and superannuation, every time you pay your employees.
For some businesses, the only change you’ll need to make is reporting more frequently instead of once at the end of a financial year. If you currently use payroll or accounting software that offers Single Touch Payroll, you can start reporting any time. If you don’t use payroll or accounting software that offers Single Touch Payroll, it means you will need to migrate to one and have it set up before 1 July 2019. We can help you do this!
Below is a checklist for what you need to do to be ready for STP on 1 July.