Single Touch Payroll (STP) is changing the way employers report to the Australian Taxation Office (ATO). STP becomes mandatory from 1 July 2018 for employers with 20 or more employees, and is optional for all other employers.
What do you need to do?
To get ready, confirm your headcount on 1 April 2018 to know whether you’re required to comply with Single Touch Payroll from 1 July 2018.
No need to send this information to the ATO, it can be completed manually as it's purely to determine if you need to start STP reporting from 1 July 2018.
How will this impact me?
For more information on how this will impact you and your payroll system, Xero and MYOB have put together blogs detailing how you can stay compliant, find out more here:
Xero - Single Touch Payroll
MYOB - Single Touch Payroll
If this change is going to affect you, please contact your advisor at HTA to ensure that your payroll software is compliant and that you understand the changes coming.
This post first appeared on HTA Advisory Blog - Tax Accounting Services, please read the originial post: here
