Single Touch Payroll (STP) is being touted as one of the biggest changes to business bookkeeping since the introduction of GST. Basically, you will be required to notify the Tax Office each time you pay an employee from 1 July 2019, and this must be done electronically.
You may need to talk to your software provider or your accountant to see if your current software is capable of reporting directly to the ATO or if updates will, or can be installed in order for reporting to happen on time.
Payroll or accounting software that is STP compliant allows employers to send this information to the ATO each time payroll is processed for their employees with a simple click of a button.
If you don’t have a payroll system now, you will need to consider your options for meeting STP requirements. Below, is our STP Matrix to help you through this decision.
If you would like more information on how our preferred Accounting Software Package will be STP compliant and how to set up your software please click on the following:
There are many low-cost Third-Party Apps that are STP compliant, our preferred Third-Party App is KeyPay. The ATO has a full comprehensive list of low-cost STP apps:
For more information on STP, please see the ATO: