Single Touch Payroll, also called STP or one touch payroll, is an initiative from the ATO to encourage frequent salary reporting. This means you’ll be required to report salaries and wages, PAYG withholdings, and superannuation, every time you pay your employees.
From 1 July 2019, all Australian small business owners are required to report their payroll information using STP-enabled software.
Here are 3 steps you can take to #getreadyforSTP:
Seek advice from your accountant or bookkeeper and ask about STP. Don't leave it until June.
Xero have launched a new Payroll-only product for as many as four employees, with an expected price of about $10 a month.