Time for employers to get ready for Single Touch Payroll

The ATO is urging employers with 20 or more employees to act now and prepare for Single Touch Payroll (STP) – the next step in streamlining payroll reporting.

From 1 July 2018, employers will need to report their employees’ tax and super information to the ATO through payroll software that is STP ready.

Assistant Commissioner, John Shepherd, said STP will provide greater transparency and connect businesses to the ATO through their existing software.

“Single Touch Payroll is a game-changer for both employers and the ATO. This will allow employers to be able to meet their reporting obligations to us using their own payroll or accounting software.

“Many employers will be able to update their existing payroll software to a version that is Single Touch Payroll ready. Employers with 20 or more employees who do not use payroll software will need to choose a product that offers STP by 1 July 2018.

“Employers need to start preparing now in order to be ready for this important reporting change,” Mr Shepherd said.

To view more detail on the ATO website, click here.

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