There are new mandatory salary and super reporting requirements commencing 1 July 2018.
Who needs to do it?
The ATO's new Single Touch Payroll reporting system starts on 1 July 2018 for employers with 20 or more employees. If your employee headcount on 1 April 2018 was 20 or more people, STP will be mandatory from the 1 July 2018. If you had 19 or less employees, STP is voluntary, although reforms seek to extend the reporting system to all employers by 1 July 2019 regardless of the number of employees.
The head count for ‘20 employees’ includes full-time, part-time, casuals (who worked any time during March), employees based overseas, or on paid or unpaid leave. Directors and independent contractors are excluded from the count.
What is it?
This government initiative that will change the way you report on your payroll to the ATO from 1 July 2018. When you pay your employees through your STP-enabled solution you will be reporting payments such as their salaries and wages, allowances, deductions, PAYG withholding and super information to the ATO at the same time, as a more streamlined way of reporting.
This new streamlined reporting to the ATO will make it easier for employers to meet payroll processing obligations, and for employees to view their information and lodge annual tax returns.
To help you understand how Single Touch Payroll works and get your business and employees ready for these changes, download your Single Touch Payroll Guide below.
- Single Touch Payroll – Employer Guide & Checklist
Our extraordinary team are here to help you. Please ring us on (03) 9870 7247 or email us at firstname.lastname@example.org for help in reviewing your software and payroll processes from the Stone Accountants Team anytime.
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