STP Bill now passed through Senate
What does that mean? The requirement for Single Touch Payroll (STP) was implemented from 1 July 2018 for all employers with 20 employees or more. The recent update means that all employers, regardless of the number of employees, are now required to comply with the STP measures as of 1 July 2019.
Although the Australian Taxation Office (ATO) will allow for a transition phase, there is an underlying expectation that anyone with no real impediment to reporting will be compliant as of 1 July 2019.
In practical terms, this means that all payroll needs to be processed through an appropriate payroll solution, even if there is only one employee.
In short, this is what you will need to know:
- Your payroll data will need be reported to the ATO with each pay run, including:
Employees’ name and tax file number (TFN)
Gross amount paid
Tax withheld on the gross
Ordinary time earnings
Superannuation
- In turn, the PAYG tax to be withheld for each month or quarter will be completed by the ATO on your activity statement
For any additional information or clarification on this, please do not hesitate to contact this office.
Cordner Advisory - Your Business Advisory, Accounting & Tax Specialists. Catering for clients all across Australia, from the golden beaches of the Gold Coast and Sunshine Coast to the capital cities such as Brisbane, Sydney and Melbourne
