Single Touch Payroll (STP) is a new, simpler way for employers to report employees’ payroll information to the Australian Taxation Office (ATO), on or before the day employees are paid.
Single Touch Payroll will be required for all employers by 1st July 2019. Worried? Don’t be. We’ll do the heavy lifting – BiYP makes it easy by automatically reporting to the ATO with our payroll software.
With STP, instead of employers completing and submitting payments summaries and group certificates at the end of the financial year, that is now taken care of every time you pay your employees.
The ATO requires small business owners report the following employee information before or on each pay day:
- Salaries, wages, and any other payments made to employees
- Pay as you go (PAYG) withholding
- Superannuation information
So what does this mean for you? Remember, the payment process will not change. The only thing changing is how you report this information to the ATO.