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STP – COMPULSORY Cloud-based Payroll Reporting

If you’re a small company, you need to know that compulsory Single Touch Payroll (STP) is an initiative introduced by the ATO to streamline company reporting of salaries, wages, PAYG withholding taxes and superannuation contributions.

Where you used to report your workers’ payroll information to the ATO once a year in the form of PAYG payment summaries, you will now need to submit a single – digital – report after every pay day. No longer will you lodge PAYG payment summaries. However, your workers will still see their same individual information through myGov.

STP uses a cloud-based payroll system and, if you haven’t already, you will need to upgrade your digital connectivity with STP-enabled software from a STP software provider.

Need STP software?

Access this link for some available STP solutions to enable your business to report digitally to the ATO, then action one of the solutions:

https://www.ato.gov.au/business/single-touch-payroll/in-detail/low-cost-single-touch-payroll-solutions/

The ATO provides the information in this link, but doesn’t endorse it.

Alternatively, please call us on 02-8383 4400 – ask for Sarp from our Innovation division – to provide you a quote for our services to assist you with becoming ‘STP-compliant’.

Already use a cloud-based payroll system, but not yet STP-compliant?

If you already use a cloud-based payroll system, you will simply need to ensure you are ‘STP-compliant’ by:
  • Logging in to your cloud-based payroll system and selecting “STP”. (Contact your software provider for assistance).
  • Logging in to your ATO Business Portal and providing your STP software information. (Apply for access to your ATO Business Portal: https://bp.ato.gov.au/ or call the ATO on 1300 85 22 32 for assistance).
Alternatively, please call us on 02-8383 4400 – ask to speak to your accountant - to provide you a quote for our services to assist you with becoming ‘STP-compliant’.

Either way, be sure to let YML Group know your decision, so your business record can be updated as ‘STP-compliant’.

STP is a compulsory ATO requirement and non-compliance may result in ATO penalties.

How can YML help?

Talk to our Accountants today to see how YML Chartered Accountants can assist you with your STP compliance. Contact us on (02) 8383 4400 or by visiting the Contact Us page on our website.

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