What is Single Touch Payroll?
Single Touch Payroll is a Government initiative aimed at cutting red tape and improving the visibility of reporting of the wages and salary, PAYG withholding and Superannuation by employers.
Single Touch Payroll will be compulsory for ALL employers from 1 July 2019 (regardless of size).
The move to Single Touch Payroll sets a new standard for reporting. You may be familiar with filling in forms at the end of month, quarter or year. With these changes you’ll be required to report your payroll in real time direct to ATO.
Your Current Payroll System:
Your current payroll system might be a combination of cashbook, spreadsheets and paper files. Your wages are calculated and reported on manually. In some instances staff may or may not get a payslip.
Your Future Payroll System:
As of July 1 2019, all employers will be required to use a cloud-based payroll system to report to the ATO.
How Will It Work:
Single Touch Payroll software will automatically extract information from your payroll system, at the same time your payroll is run, and pass it to the ATO.
You will be required to use Single Touch Payroll compliant software as part of your payroll run.
What Are The Benefits:
Single Touch Payroll will bring about more efficiency within your business. No more cashbooks or manual calculations.
Making your payroll easier to manage and automated.
Get compliant today:
Not sure how to do it?
Don’t want to do it?
Below are OUR personalised solutions to get you STP compliant. With our team of over 30 professionals we will have a solution that suits you.
Frequently asked questions
Single Touch Payroll has been in play for business with 20+ employers since last year. This is an extension of that to cover all employees.
If not already, you’ll need to get set up with a cloud-based solution to manage your payroll. This is a major opportunity to move away from spreadsheets, written notes and paper-based systems.
You need to get yourself set up with STP compliant software. Here is a list of options from the ATO. Alternatively you can get in touch with us.
All businesses that have at least 1 employee.
While the ATO has said they will be lenient in the first 3 months of implementation, at some point ALL businesses will need to be compliant. If you don’t want to learn a new payroll system or not sure how to go about it – get in touch with us.
The ATO has negotiated to ensure that software providers offer affordable solutions starting at just $10 a month.