The ATO is urging employers with 20 or more employees to act now and prepare for Single Touch Payroll (STP) – the next step in streamlining payroll reporting.
From 1 July 2018, employers will need to report their employees’ tax and super information to the ATO through payroll software that is STP ready.
The ATO has useful material available for employers to help you prepare; including a fact sheet, handy checklist and educational webinars if you would like to share with your members/subscribers.
Employers with 19 or less employees have another year to prepare, however they can choose to start reporting through STP prior to 1 July 2019 if their software is updated.
Steps to get ready for STP:
- Visit ato.gov.au/stp and download the ‘Get ready checklist’
- Do a headcount of your employees on 1 April 2018 to find out if you have 20 or more.
- If you have software: talk to your provider to find out how and when your product will be ready
- If you don’t have software: choose a product that offers STP. You can ask your tax or BAS agent for advice on choosing a product that suits your business needs.
- Update your payroll software when it’s ready
- Start reporting to the ATO through STP
DOWNLOAD THE FACTSHEET AND CHECKLIST
Factsheet: Single Touch Payroll Understanding the next steps
Checklist: Single Touch Payroll Get ready checklist
SIGN UP FOR WEBINARS
View: Webinar and events calendar
For further information, please visit www.ato.gov.au/stp or read the full media release here.