From July 1, 2019, all employers in Australia have to start transitioning to meet new requirements of reporting to the Australian Tax Office (ATO). All employers will be required to use Single Touch Payroll (STP) to report tax and super information to the ATO. The ATO has options to make this simpler for those with only 1-4 employees.
- You will be reporting salary and wages, PAYG withholding and super information to the ATO at the same time you pay your employees.
- You won’t need to give your employees a payment summary at the end of the financial year for the information you report through STP.
- Your employees will be able to see their year-to-date and end-of-year tax and super information in their ATO online account linked to myGov.
If you use a payroll software solution, you may simply be able to update the software to allow to to easily meet these requirements.
The CCVT Operations Team has gathered an information sheet from the ATO to outline the key information. For more, head to ato.gov.au/STP.
If you have questions, please email email@example.com.