Blog - G & G Financial Services

The Australian Taxation Office (ATO) is streamlining the way businesses report their payroll information – through what is called Single Touch Payroll (STP).

With the STP, the Payslip information, such as salaries and wages, Pay As You Go (PAYG) tax withholding as well as employee’s superannuation, will need to be reported to the ATO as and when payments are made to the employees.

Hence, in the future, there will be no more PAYG Summary reporting at the end of the financial year.

Where to Access Single Touch Payroll (STP)?

Technically, you would be able to access STP from the Payroll section of your accounting software and report directly from there.

Note that as this is a new system, you may not have found it yet in your software right now as the software provider is still working on it. You may contact them directly to know the progress of the STP implementation in their software.

When would it be mandatory to report the payroll through STP?

For businesses that have 20 employees or more, it would start from 1 July 2018.

For businesses that have less than 20 employees, it would start on the following year – 1 July 2019.

For further information, you could find it on the ATO’s Single Touch Payroll information.

For further assistance, you could contact us on 0425 78 0439.

We are credible public practicing accountant, situated at the south east of Melbourne, Australia.