Parliament has passed legislation to extend STP reporting to all employers from 1 July 2019. The Treasury Laws Amendment (2018 Measures No. 4) Bill 2018 is yet to receive Royal Assent.
Single Touch payroll is a new ATO reporting requirement. Under STP each payroll will be reported to the ATO when it’s processed. Your employees will receive payslips through my.gov and you will not have to issue Annual Payment Summaries. Once you’ve closed your last payroll for the year you will notify the ATO through your payroll and your employees will receive their annual payroll detail through their my.gov.
What does that mean for employers:
You will need to transition to Single Touch Payroll within the next few months. The process involves:
- Reviewing your current payroll set-up to make sure it’s accurate and complete
- Assigning payroll categories (MYOB)
- Notifying the ATO of your software ID and linking your software to the ATO
- Start reporting through STP