Newsletter; Single Touch Payroll (STP)
From 1 July 2019, all businesses need to report payments such as salaries and wages, PAYG withholding and superannuation information each time they pay their employees (there are no changes to the timing of payments of PAYG withholding and superannuation).
Businesses with twenty or more employees were required to be registered from 1 July 2018 so most software packages are ready for STP, the option just needs to be enabled.
The information collected by the ATO will also be reported to employees through their myGov account. Superannuation funds will also be required to report employer superannuation payments to the ATO so both the ATO and employees will be able to track unpaid employee superannuation.
Software has been made available to micro employers (one to four employees) that costs no more than $10 per month.
STP for closely held payees (related employees) does not start until 1 July 2020.
