18th June 2018 | Tax
What is Single Touch Payroll Reporting?
In general, Singe Touch Payroll aligns employer reporting obligation to your payroll process. Employers will be required to report to the ATO certain payroll information via Standard Business Reporting software integrated with employer’s payroll system or outsourced payroll provider’s system. That means employers need to report to ATO each time when they pay their employees.
The intention of STR is to improve data transition from employer to ATO. ATO will receive real data from employer and will be able to share those data with other government agency in real time.
When will STP Reporting start? What employer will be affected?
STP Reporting will start
- after 1st Jul 2018 for business employ more than 20 people (counted on 1 April 2018 payroll)
- 1st July 2019 for business employ less than 20 people
What do you need to do and what ANG can do for you?
Employers need to count employee on 1st April 2018 (head count, and this including full time, part time, casual etc.). If you have more than 20 employees, you need to get ready for STP Reporting before 1st July 2018.
ANG Partners can offer:
- A plan in place to update your payroll reporting and governance in line with latest requirement of STP.
- Complete care for employer. ANG offer outsourcing payroll service for employers from setup of STP payroll software to streamline reporting tax & superannuation information to ATO.
Disclaimer
The information in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, we do not guarantee that the information in this newsletter is accurate at the date it is received or that it will continue to be accurate in the future.