What is Single Touch Payroll?
Single Touch Payroll or STP, is an Australian Government initiative to reduce reporting burdens across government agencies. It is a new way to do your payroll reporting using STP enabled software such as Xero or MYOB. The Australian Government has made it a legislative requirement that employers report all pay events which includes pay runs, tax withheld on wages and superannuation.
Who does STP Affect?
Ever business with employees. If you employ staff, then you need to be ready for single touch payroll. If you do however have less than 4 employees, there are some concessions available for a limited time. Contact us today for more information.
Has STP started?
STP is in effect. For a business with less than 20 employees, it came into effect from 1 July 2019. For those with 20 or more, reporting started from 1 July 2018.
Are you a new business and need direction on how to begin? As a registered BAS agent, we can help you with all of it!
Call us on (02) 4934 4260 or email firstname.lastname@example.org and make an appointment, we can run through the set up and process for you, to make sure you have no worries or questions the next time you need to do your STP reporting. We understand it can be difficult to employ and manage staff, as well as report through STP!