Single Touch Payroll (STP) is a new initiative from the ATO to report your employees’ payroll information. If you pay 1-19 employees, you will need to be compliant between 1 July and 30 September 2019.
Once you’re set up, you will send your employees’ salary, tax and super info to the ATO after each pay. This means no more payment summaries at the end of the financial year. Instead, your employees can access their payroll information through the ATO’s online service MyGov.
Xero, MYOB and QuickBooks all have STP solutions built into their software.
Talk to us today or Book a Chat about taking the next step to implement the solution that best suits your small business but be quick because 1 July is fast approaching.