Do you know what Single Touch Payroll (sTP) is?
STP is now in its second year.
New mandatory salary and super reporting requirements came into place last year, commencing 1 July 2018.
Single Touch Payroll (STP) is a government initiative that changed the way businesses report on their payroll to the ATO from July 2018.
Under STP, businesses are required to report on salary or wages, pay as you go (PAYG) withholding and superannuation directly to the Australian Taxation Office (ATO), electronically, and at the same time as their employees are paid.
This new streamlined reporting to the ATO is making it easier for employers to meet payroll processing obligations, and employees to view their information and lodge annual tax returns.
If you’re still not sure what Single Touch Payroll is, to help you understand how it works, download your Single Touch Payroll Guides below.
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