TAX ALERT - Single Touch Payroll Reporting Rules Extended to Small Business

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TAX ALERT - Single Touch Payroll Reporting Rules Extended to Small Business

Lowe Lippmann Chartered Accountants

Introduction

The extension of Single Touch Payroll (STP) to small business entities, which are employers with 19 or fewer employees, has finally passed both houses this week, after amendments were tabled late last year.

This means that employers with 19 or fewer employees will have to report under STP rules from 1 July 2019. Business with 20 or more employees began reporting from 1 July 2018.

The ATO has published a list of 24 companies intending to provide STP solutions, with the list to be updated over time to include information about the products these companies will offer. Suppliers such as MYOB, Xero and Reckon have each put forward STP product proposals.

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