I can feel the holiday cheer and the Christmas season is upon us, where everyone winds up work, wants to relax and take a break. But we mustn’t forget that the next financial year awaits us soon at the end of our holiday, to stay prepared we must plan and stay updated for the forthcoming changes.

Currently Single Touch Payroll (STP) applies to employers with 20 or more employees, effective 1 July 2019, STP will apply to all employers irrespective of the number of employees as the Senate has passed the bill recently to extend STP to employers with 19 or less employees.

Under Single Touch Payroll, all Employers should report employee salaries (including salary sacrificed amounts), allowances, deductions, PAYG withholding and super contributions each time they pay their employees.

ATO will have real time access to payroll data where they are preparing to link PAYG to Activity statements and Super Guarantee calculations.

Numerous feasible options are available for business with no internet or access to STP-enabled payroll software where the businesses can report this information quarterly rather than each time, they run their payroll

Key Benefits when you report

• No longer required to provide payment summaries to employees for the payments reported through STP excluding payments not reported like Employee Share Scheme etc
• Option to remit PAYG Withholding with each payroll event
• Not required to provide payment summary annual report (PSAR) at the end of the financial year
• Employees can access year to date payment information through “myGov”