What is STP? In summary, STP is a Government initiative to simplify business reporting obligations relating to payroll. Essentially all employers will be required to report payroll information to the ATO at the time of payment. STP will also streamline processes including tax file number declarations, Super Choice forms and notifications to super funds and government agencies.
When and who does it apply to? From 1 July 2019, STP relates to all employers however depending on your circumstances there may be some concessions or exclusions available.
What to do? After you’ve spoken to your StewartBrown Manager or Partner you will either need to set up, upgrade or implement an STP compliant solution. We urge you to consult with us to assist with the process, in particular when processing annual Income Statements and Finalisation Declarations.
Click here to view more information in our June 2019 Single Touch Payroll Newsletter.