ATO urging large employers to prepare for Single Touch Payroll
The Australian Taxation Office (ATO) is urging employers with 20 or more employees to act now and prepare for Single Touch Payroll (STP), the next step in work to streamline 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, as part of efforts to help employees meet their reporting obligations to the ATO by using their own payroll or accounting software.
The ATO has outlined the next steps to help employers get ready for STP:
- Visit the ATO website and download the ‘Get ready checklist’.
- Do a headcount of all employees on 1 April 2018 to find out if you have 20 or more.
- If you have payroll/accounting software: Talk to your provider to find out how and when your product will be ready
- If you don’t have payroll/accounting 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.
If you have any questions about STP, please contact the ATO.
This post appeared in the AUSVEG Weekly Update published 3 April 2018.