Single Touch Payroll changes the way employers report their employees’ tax and super information.
Looking for a smooth, efficient transition for you and your business, well before the ATO’s Single Touch Payroll legislation deadline takes effect on July 1st 2019?
Here at Armada, we are experienced in delivering specialised payroll solutions to businesses all over Perth. We are able to set up Single Touch Payroll within your existing accounting software (provided you have the latest version), OR we can advise you on the best software solution for your business.
What is Single Touch Payroll?
Single Touch Payroll (STP) changes the way employers report their employees’ tax and superannuation information to the ATO. It is currently available through payroll, accounting and business management software.
Options for STP will depend on the number of employees within your business.
- Businesses with 20 or more employees should already be reporting through STP, or applied for a later start date.
- Businesses with 19 or less employees will need to begin reporting through STP from 1 July 2019. This will be a gradual transition, and flexible options can be arranged for businesses with four or less employees.
What will the payroll changes mean for you and your employees?
STP will help to streamline the way you manage payroll system in the following ways:
- You will no longer need to provide employees with a payment summary for the information you’ve reported and finalised through STP. Once the data has been finalised, your employees will be able to lodge their income tax return using the STP information available.
- You will no longer need to provide the ATO with a payment summary annual report (PSAR/EMPDUPE) at the end of the financial year for the payments you report through STP.
For more information about STP, please refer to the ATO website here. At Armada, we are specialists when it comes to the delivery of specialised payroll solutions, no matter how large or small your business is. We have offices in Perth, Port Hedland and Broome. For more information about how we can help meet your STP obligations, contact us today on 6165 4050.
Watch our video to learn more.