Single Touch Payroll

‘Biggest change since the introduction of GST’ – Sam Allert CEO Reckon

The aim of this blog is to give new information in a short sweet format. Seeing as Single Touch Payroll is the new big thing, here are a few simple points.

What: Single Touch Payroll (STP) is a new government initiative, where businesses are required to report their pay run each time it is completed

Why: The government introduced STP to determine what super and tax was owed for employees of businesses

When: It was introduced July 1st 2018 for businesses with 20 employees or more. For businesses with under 20 employees, it was introduced from July 1st 2019. If the employees consist only of closely held family members, it will not become a requirement until July 1st 2020.

Where: Employers will need to switch to an online payroll software to lodge STP and in turn it will go to employees myGov accounts.

Repercussions: The ATO announced that there will be no repercussions on business with less than 20 employees until after September 30th 2019.

Do you or anyone you know need help with Single Touch Payroll?

Feel free to contact us for a consult to discuss your needs!

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