Single Touch Payroll (STP) is a new reporting regime being introduced from 1 July 2018 for businesses that have 20 employees or more.

Under the new reporting regime employers will report payroll and superannuation details including amounts electronically for their employees at the time it is created, i.e., when wages are paid.

Refer to Div 389 in Sch 1 of the Taxation Administration Act 1953.

Single Touch Payroll is likely to be expanded to include employers with 19 or less employees from 1 July 2019. This is subject to legislation being passed in parliament.

This means:

-    Payroll information will be sent to the ATO each pay day.
-    The payroll cycle of your business can remain the same.
-    The due date of your Activity Statements (IAS) and (BAS) will remain the same.
-    You may not need to provide PAYG Payment Summaries to your staff at the end of the financial year.

If you would like to discuss further please contact us:
McNamara and Co - Chartered Accountants, located minutes from the Melbourne CBD
www.mcnamaraandcompany.com.au/contact-us
Phone +61 3 9428 1062
Email admin@mcnamaraandco.com
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