SINGLE TOUCH PAYROLL

What is Single Touch Payroll (STP)?

Single Touch Payroll (STP) is a government initiative to streamline business reporting obligations. When an employer pays their employees under STP, the information will be sent directly to the ATO at the time of the payroll.

STP will report payments such as salaries, wages, pay as you go (PAYG) withholding and superannuation information to the Australian Taxation Office when you pay your employees.

Who needs to do it?

Currently, employers with 20 or more employees started STP on 1 July 2018. In February 2019, Parliament passed legislation to extend STP reporting to include all small employers (those with fewer than 20 employees) from 1 July 2019.

However, if your only employee is your spouse or related parties, your STP commencement date is 1 July 2020.

What does it mean?

• When you start reporting through STP, you will send your employees’ payroll and super information to the ATO from your payroll solution each payday.

• Your payroll cycle will not change. You will still pay your employees weekly, fortnightly or monthly.

• Your payment due date for PAYG withholding and super contributions will not change. However, you can choose to pay earlier.

• You may not need to provide your employees with a payment summary at the end of financial year for certain payments you report through STP. The ATO will make that information available to employees through myGov.

• When you report to the ATO through STP, your employees will be able to view their year-to-date tax and super information through myGov.

Single Touch Payroll checklist

• Are you processing your payroll manually?
  
  Yes – you will need to choose a proven online payroll solution and get started as soon as possible.

• Are you processing your payroll on a software solution?
  
  Yes – you will need to confirm with them that they are STP ready and can you opt in now.
  
  No – you will need to choose a proven online payroll solution and get started as soon as possible.

Introducing CloudPayroll, your complete payroll solution, and Bongiorno’s preferred payroll solution.

• CloudPayroll set up your STP solution for you, train you and provide ongoing, unlimited phone and email support.

• Four easy-to-follow steps to process your payroll.

• Employees log in to see their payslips, payment summaries, apply for leave online, project a leave balance for a future date, enter hours worked and update personal details page.

• Online leave management: employee applies for leave online, manager approves, leave is then automatically applied in appropriate pay run.

• Streamline your payroll processing: CloudPayroll can pay staff and superannuation, and Bongiorno has access to the PAYG amounts for the BAS.

• Automatically updates changes to PAYG, super, etc.

• Access anywhere, anytime on any device.

• Fully secure and totally confidential.

For more information, please call CloudPayroll on 02 9042 2689 or 03 9670 0422, email sales@cloudpayroll.com.au or register for a free trial at https://secure2.cloudpayroll.com.au/freetrial?Free-Trial