Single Touch Payroll (STP)

What is Single Touch Payroll (STP)?

Single Touch Payroll (STP) makes payroll and tax reporting to the Australian Taxation Office (ATO) faster and more efficient through an online payroll system. STP is a new regulation that modifies when and how businesses report salary, PAYG and superannuation information. Instead of submitting annual reports, businesses are now required to send a report every time they pay employees.

Why transition to STP?

It’s important to make the switch now. ATO requires all businesses with 19 employees or less to upgrade or replace their payroll solutions by 1 July 2019. What’s important here? The changes are coming, and there are penalties.

How can it help your business?

Reduces end of financial year activities because you will no longer need to prepare and submit annual payment summary report
Sending payment summaries to employees won’t be necessary anymore because they will be able to access their information via myGov
Provides a more streamlined and efficient reporting to the ATO
Enhances transparency between you and employees with regards to their financial information

How will it impact your employees?

Easier access to their tax and super information
Gains transparency for their total year-to-date income, PAYG withholding amounts and superannuation contributions
Reduces the risk of getting behind on superannuation entitlements or PAYG

When is the deadline for switching to STP?

As of 1 July 2018, all businesses with more than 20 employees are required to report their employees’ tax and superannuation information via STP. By 1 July 2019, businesses with less than 20 employees will need to switch to STP.

If you’re one of thousands of businesses who need to replace or upgrade their payroll system to meet these obligations and still have little to go on, check out our helpful quick guide to Single Touch Payroll.

Show me how to be STP-ready

Want to know more?

For more information, call us on 1300 888 803. You may also read additional resources below.

David is the Director of Modoras Downes Barrington (Sydney) and is proud of his 40 years of experience working with business clients. His expertise extends to business growth, auditing, tax planning, governance, directorships, company secretarial services and wealth management.

He is an expert in assisting businesses to scale up.

Dedicated to making THE difference to each life, his approach is to look at every facet of a client’s current situation in order to provide an optimum long-term financial solution. He ensures that every client is educated about how strategies are selected and more importantly, why they are recommended.

He derives inspiration from seeing his clients experience the peace of mind that comes with advice from an experienced financial professional.

David has been awarded the prestigious “Meritorious Service Award” by CAANZ for his service to the profession.

When not helping businesses thrive and people achieve their financial goals, David can be found with his family, travelling or sailing on Sydney Harbour or offshore.

Bachelor of Economics (Sydney University)
Fellow Chartered Accountant
Graduate of Australian Institute of Company Directors

Streamline your business further by upgrading to Single Touch Payroll now.

Your accountant and/or business advisor are here to guide and educate you on the steps to make this transition easier and as seamless as possible for you. Talk to us by calling 1300 888 803.

We also have additional resources to help you meet these obligations. Get access to this webinar to learn:

Everything you need to know about Single Touch Payroll
Its impact on your business operations; and
Steps to help you become STP-ready

The information provided has been prepared by Modoras Accounting (QLD) Pty. Ltd. ABN 81 601 145 215. It should not be considered personal or business advice as it is intended to provide general advice only. The content has been prepared without taking into account any individual’s or business objectives, financial situations or needs. Modoras Accounting (QLD) Pty Ltd recommends that no product or financial service be acquired or disposed of or business strategy adopted without you first obtaining professional advice suitable and appropriate to your own business needs, objectives, goals and circumstances. While the information provided is believed to be accurate, to the extent permissible by Law, neither Modoras Accounting (QLD) Pty Ltd nor its employees, representatives or agents (including affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this material. Liability limited by a scheme approved under Professional Standards Legislation.

Single Touch Payroll