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It’s started – Single Touch Payroll (STP)
From 1 July 2018 the ATO implemented a new method of statutory business reporting, Single Touch Payroll (STP). You benefit by having your reporting obligations aligned with pay day for your employees.
Who must comply?
The ATO calls for all companies of 20 or greater employees to report the following at the same time as they pay their employees:
- Salaries / Wages
- PAYG Withholding Tax / Superannuation Contributions
Your company does not need to change its pay cycle, be it weekly, fortnightly or monthly – it should be a smooth transition enabling you to report more readily to the ATO.
What happens if my company has fewer than 20 employees?
The ATO stipulates that companies with 19 or fewer employees do not have to comply until the 2019-2020 financial year. Even if the number of employees rises during the 2018-2019 financial year, a company remains free of obligation until 1 July 2019 (pending legislation).
How is the number of employees calculated?
To calculate how many employees in your company, consider who was employed AS AT 1 April 2018:
- Full-time employees (including those on paid or unpaid leave)
- Part-time employees (including those on paid or unpaid leave)
- Casual employees (who worked in March 2018)
- Employees working overseas
What software is necessary?
Your accounting and/or payroll software provider will have updated their software – updates available now – or you can have new STP-enabled software installed by your accounting and/or payroll software provider. It is essential that you consider your company’s requirements in order to satisfactorily report to the ATO.
Is STP compulsory?
Yes, reporting your employees’ taxation and superannuation payments is mandatory. A helpful guide has been issued by the ATO: https://www.ato.gov.au/assets/0/104/1328/1465/17c5bfc6-9122-4c81-992c-2d3e383873d9.pdf
Is there a penalty for non-compliance?
Unless you receive written notice from the ATO that an administrative penalty is to be enforced for failure to pay on time, for now in the first 12 months of STP-enabled software reporting, you will not be penalised.
How can YML help?
Talk to our YML Chartered Accountants Team today to see how YML Group can assist you with ensuring your company is STP-compliant. Contact us on (02) 8383 4400 or by visiting the Contact Us page on our website.