Single Touch Payroll Phase 2
Single Touch Payroll (STP) is a new government initiative in Australia that will require employers with more than 20 employees to submit their payroll and taxation information to the Australian Taxation Office (ATO) each time they pay their employees. The deadline for STP roll-out is 1 July 2019, but many employers are still unsure of what this means for them and how to get started. In this blog post, we will provide an overview of STP in Australia and outline the steps you need to take to be compliant. We hope this information will help you make the switch to STP before the deadline!
Since 1 July 2018, Single Touch Payroll (STP) phase 1 is mandatory for all employers in Australia with 20 or more employees. STP is a new way of reporting payroll and tax information to the Australian Taxation Office (ATO). Employers must use STP to report payments such as salaries and wages, pay as you go (PAYG) withholding, superannuation, fringe benefits tax (FBT), and income tax. This article provides an overview of STP for employers in Australia.
From Jan 2022, Single Touch Payroll (STP) Phase 2 is mandatory for all employees in Australia with 20 or more employees. However, there are not many software providers have this version of the software ready for rollout. OneBusiness ERP is a software provider in Australia with Single Touch Payroll (STP) Phase 2 ready.
Please Note: If your organisation has 19 or fewer employees you will not be required to use Single Touch Payroll but rather continue using existing PAYG Payment Summary annual reporting methods. Further information can be found on the Australian Taxation Office website.
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