Single Touch Payroll - Compulsory from 1 July 2020
8 May 2020
Single Touch Payroll (STP) will be compulsory for all employees from 1 July 2020, excluding closely held employees.
STP is the process of sending tax and superannuation information from your STP-enabled payroll or accounting system to the ATO when you process the pay cycle.
If you only pay closely held employees, an extension has been granted to 1 July 2021 for you to report.
Closely held employees are:
- Family members of a family business
- Directors or shareholders of a company
- Beneficiaries of a trust.
Micro-employers (1-4 employees) are now able to have their registered tax agent lodge on their behalf until 30 June 2021.
Boyce strongly recommends having a suitable STP-enabled accounting or payroll system as soon as possible.
Reporting information for the JobKeeper payment is extremely easy from your software and is seen as the most efficient way of reporting this to ensure the payments are received as soon as possible.
If you would like to discuss Single Touch Payroll or STP-enabled software, please contact your local Boyce Accountant so we can assist you.