The deadline to adopt Single Touch Payroll (STP) on 1 July 2018 is fast approaching, and mandatory for employers who had 20 or more employees on 1 April 2018. STP is an ATO initiative that requires the employer to report salaries, wages, PAYG withholding and superannuation requirements to the ATO each time they pay employees.
This means instead of usual PAYG reporting obligations, employers will send the information direct to the ATO after each pay run.
If this affects you please contact Back to Business Bookkeeping now so we can work with you to ensure your accounting system and practices will be compliant.
For those with less than 20 employees the move to Single Touch Payroll is voluntary at the moment and becomes compulsory on 1 July 2019.
For more information on STP go to the ATO here or click on the logo above.