26 Feb 2018
Single Touch Payroll - Update for Employers
What is Single Touch Payroll?
Single Touch Payroll (STP) is a change in the way employers will report their PAYG and super contribution information to the ATO. Employers will now be required to report PAYG and super after a “payroll event” – essentially after payroll has been processed – rather than previously reporting monthly or quarterly.
The general way and frequency you process your payroll won’t change as a result of STP.
As each pay run is submitted, this data will be transferred directly to the ATO and your Business Activity Statement will be pre-filled with the Wages and PAYGW payroll information. This will also potentially remove the need to submit Annual PAYG Payment Summaries to the ATO.
You can visit our Single Touch Payroll web page or contact your McLean Delmo Bentleys Advisor for further information.