TAX ALERT - SINGLE TOUCH PAYROLL REPORTING STARTS 1ST JULY 2018
What is STP ? Single Touch Payroll (STP) is a new reporting regime being introduced by the Australian Taxation Office (ATO) to provide real time visibility over the accuracy and timeliness of organisations' payroll processes. STP will enable employers to report salary or wages, pay as you go (PAYG) withholding and super information directly to the ATO at the same time they pay their employees.
When does STP start ? The new STP reporting regime will commence on 1st July 2018. Organisations with 20 or more employees will be required to start transmitting from 1st July 2018.