The Australian Taxation Office (ATO) has introduced a new way of reporting tax and super information this year. It is the Single Touch Payroll (STP). Change can be confusing – which is why we break this down for you on all you need to know about the initiative.
If you’re a business that uses payroll software:
Are you using a solution to manage your payroll? If your solution offers Single Touch Payroll (STP) reporting (usually in a payroll or accounting software), then you will send the ATO tax and super information of your employees each time you run the payroll and make payments.
If you have a software provider, they can tell you more about the type of STP solution they offer. Visit the ATO Website for more information.
If you’re a business that does not use payroll software:
There are various low-cost and no-cost Single Touch Payroll solutions for you.
The no-cost or low-cost solutions are for you if you do not currently have STP ready software. These solutions may include mobile apps, simple reporting solutions and portals.
The solutions are required to be affordable (costing less than $10 per month), take only minutes to complete each pay period and not require the employer to maintain the software.
You need to choose a solution that is right for you and your business based on your own circumstances. Take into account factors of functionality, support and pricing models. A full list of these solutions is available on the ATO website.
If you’re still unsure about your options, contact us and we can help you! We offer payroll services and can take care of Single Touch Payroll for you.