From the 1st July, 2018 all employers with 20 or more employees will have to report all their salary & wages, PayG witholding & super obligations to the ATO every payday.
What is Single Touch Payroll?
Single Touch Payroll is a new, simpler way to report your employees’ payroll information. This reporting change, mandated through new
Australian government legislation, will ensure employers report payments such as salaries and wages, PAYG withholding and super information
electronically through the ATO directly from their payroll software at the same time they pay their employees.
As a result of Single Touch Payroll, businesses will no longer be required to complete payment summaries at the end of the financial year as it will have already been done and available to employees through myGov. You will report your employees’ payroll information directly to the ATO from your payroll solution.
What do I need to do?
This new reporting method will be mandatory from 1st July 2018 for businesses with 20 or more employees. If your business needs to be STP
compliant and you aren’t yet using an MYOB product, ask your vendor what steps they are taking to update your product.
You would have needed to conduct a headcount of your employees back on 1st April 2018. If you had 20 or more employees on this date, STP will be mandatory for your organisation come 1st July 2018. It will be voluntary for employers with 19 or less employees to adopt an STP solution at this time. If you wish to report STP, MYOB products will be enabled for you as well
How do I get ready?
In addition to the employee headcount on 1st April, you will also need to update your current payroll solution to a version that is Single
Touch Payroll enabled. If you do not currently use a payroll solution from MYOB, you will need to choose one that is enabled for this new
method of reporting. This way, you’ll be as prepared as we are for when STP rolls out. Contact us to head you in the right direction with