Small employers - 1 July was STP 'D-Day'

Single Touch Payroll (STP) is the new way of reporting tax and super information in real time to the Australian Taxation Office (ATO).

Each pay cycle, you’ll be sending employees’ tax and super information directly to the ATO from your accounting software or payroll provider.

From 1 July 2019 employers with 19 or fewer employees are required to use STP and must jump on board before 30 September.

Tell me again why STP is a good idea?

STP is intended to keep pace with digital admin capabilities to deliver a bunch of benefits, including:

  • Streamlined business reporting – payroll and STP data submitted at once; no need to provide payment summaries to employees or payment summary annual report to ATO at the end of financial year (EOFY).
  • Protection of entitlements – through your reporting the ATO can ensure employees are paid their correct entitlements.
  • Visibility for employees – employees can see their data via MyGov rather than having to wait for EOFY.

STP reporting is now available through most payroll, accounting and business management software systems. If you have a software provider, talk to them about the STP solution they offer.

If you don’t, don’t worry. There is a number of low and no-cost reporting* solutions for you.

There’s a lot of information on the ATO website**, including a handy checklist^. Take a look. 

For help with your STP options, contact Energy Super’s Steve Scott on 0437 398 432.

* https://www.ato.gov.au/business/single-touch-payroll/in-detail/low-cost-single-touch-payroll-solutions/
** https://www.ato.gov.au/Business/Single-Touch-Payroll/
^ https://www.ato.gov.au/Business/Single-Touch-Payroll/Get-ready-for-Single-Touch-Payroll/#GetreadyforSTPchecklist

This article was prepared in July 2019 by Electricity Supply Industry Superannuation (Qld) Ltd (ABN 30 069 634 439) (AFSL 336567), the Trustee and Issuer of Energy Super (ABN 33 761 363 685), and may contain general financial advice which does not take into account your personal objectives, situations or needs. Before making a decision about Energy Super consider your financial requirements and read the Product Disclosure Statement, available at www.energysuper.com.au or by calling 1300 436 374.