STP is now here!

So what is STP?

STP is Single Touch Payroll. It requires that you declare your payroll to the ATO on or before you pay wages. Employers with more than 20 employees, should already be reporting.

STP is the reporting of each pay run, wages, tax & super. The law requires that you submit your STP report on or before the day you pay your employees. This information will then be used in place of Payment Summaries at the end of the financial year, and you will only be required to complete an end of year declaration. All information will be pre-filled for employees for tax purposes. They will also be able to view the information lodged via MyGov accounts throughout the year.

What does this mean for you AND what are your requirements?

(If you have Xero, you will be fine. If not, please see the link for more details)

For those already processing wages with software ready for STP, ensure you have completed the steps required for setup so you do not have any issues with reporting come 1 July 2019. In most cases, you will need to contact the ATO on setup to register the software service ID in order for them to receive the reports.

To do this, phone 1300 852 232, or complete a one-off notification through Access Manager (You will need an AUSkey to use Access Manager)

If you have any questions regarding STP, please email us at gday@hannans360.com.au or call us on (07)3806 4484.

Categories: BusinessTax