Payroll reporting to the Australian Taxation Office (ATO) becomes fully digital from 1st July for every business that employs at least one worker, as the ATO's single touch payroll (STP) system extends to businesses with 19 or less employees.
STP works by sending tax and super information from your payroll or accounting software to the ATO as you run your payroll.
ATO Assistant Commissioner, Jason Lucchese said: “Single Touch Payroll is an important change that will deliver benefits for both employers and employees by streamlining payroll processes and providing greater visibility for the ATO in regards to unpaid super or late payments.”
Single Touch Payroll is part of the ATO’s plan to digitise and streamline tax and super reporting, helping the tax office to check on employers and protect workers from bosses who fail to pay super.
Call in at your local TaxAssist Accountants now for help and advice.