Single Touch Payroll (STP) changes how you report your employees’ end of financial year (EOFY) information to your employees and the ATO.
STP is an Australian Government initiative to streamline business reporting obligations, and ensure employers are reporting and paying their employees’ super entitlements.
If you do not have STP set up in your accounting or payroll software, you must set this up and connect to the ATO.
If you do not have Accounting or Payroll software, you don’t need to spend hundreds of dollars and hours of your time setting up a full system, Xero, and other software providers supply payroll ONLY solutions.
A reputable, registered BAS agent, such as A Girl Friday can easily and quickly set up your Payroll so you are STP compliant, and meet your obligations every pay run.
So what are the changes?
|Once you begin STP reporting, you’ll no longer need to provide your|
employees with a payment summary or lodge a Payment summary
|Instead, you’ll be able to submit a ‘Finalisation Declaration’ within your |
|Your employees will then be able see their year-to-date income, tax and |
super information any time by logging into myGov and accessing ATO
For more reading and resources, visit ato.gov.au/STPresources
Or contact A Girl Friday today