Single Touch Payroll is being reported as one of the biggest changes since the introduction of the GST in July 2000. STP is the mandatory move to digital payroll reporting and it commences for businesses with 1-19 employees on 1 July.
According to a survey by Xero, 55% of small business owners don’t even know what Single Touch Payroll is
From July 1, all Australian employers will be required to report pay and superannuation information to the Australian Taxation Office in one click via single-touch payroll systems.
The introduction of STP means that employees will be able to access their PAYG Payment Summaries through their MyGov account.
For businesses it means that employers will have to upload the data online rather than email or post an employee’s end-of-year payment summary to them.
So are you ready for Single Touch Payroll on 1 July?
If you’re not quite ready, don’t panic. We can help you get sorted for STP. We have a range of affordable solutions to assist.
Book a Chat or Contact Us in order to comply with Single Touch Payroll.