Single Touch Payroll (STP) is an initiative being introduced by the Australian Tax Office (ATO) to provide real time visibility over the accuracy and timeliness of organisations’ payroll processes. STP proposes to streamline the administration of employee payroll, tax and superannuation obligations for employers.
What is STP?
The ‘Budget Savings (Omnibus) Bill 2016 – Single Touch Payroll reporting was introduced into Parliament on 31 August 2016 and received Royal Assent on 16 September 2016. STP will enable employers to report salary or wages, pay as you go (PAYG) withholding and super information directly to the ATO at the same time they pay their employees.
Who does it apply to?
It applies to all employers with 20 employees or more based on a headcount as at 1 April 2018. Employers with fewer employees can still report voluntarily, although this is not a requirement.
When does STP start?
It is proposed that STP will commence from July 2018. Employers will need to do a headcount on 1 April 2018 to determine their requirement to report through STP; organisations of 20 or more employees will be required to start transmitting from July 2018.
More information? To find out more, give us a call on 1300 023 782 or email team@cdrta.com.au.
The team at C&D Restructure and Taxation Advisory are here to help. As part of the Vault Group we can offer the full suite of financial products and advice to help you navigate the business landscape. Schedule a meeting here via Calendly or give us a call on 1300 1 VAULT (1300 182 858)
Craig Dangar
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