What is Single Touch Payroll, who needs to adopt it, and why is it being introduced? Great question! Single Touch Payroll or STP is already in place for employers with 20 or more employees and is being phased in from the 1st of July 2019 for employers that employ below 20 employees. By phased in, I mean that employers with 19 or less employees can introduce STP from the 1st of July to the 30th of September 2019. What is STP? Single Touch Payroll is a new way of reporting payroll information to the ATO, which includes your employees salary and wage information, PAYG tax and superannuation
Cheap or Free STP Software
With the introduction of the compulsory Single Touch Payroll (STP) for employers with 20 or less employees from the 1st of July 2019 (already in place for employers with 20 or more employees), it will be necessary to upgrade your payroll software. The new payroll software will be required in order to transfer reports electronically to the ATO after each payrun. If you are an employer with 1 to 4 employees and are looking for a cheap or free STP payroll software solution, there are a number of packages available. The big players such as Quickbooks, MYOB, Reckon and Xero are all developing
Single Touch Payroll FAQs
Single touch Payroll is coming! For some it is already here! What is single touch payroll and do we need to worry? Do I need special software to comply? Are there any STP benefits to me? Are there penalties? Ok, these are all good questions. Lets break these down. Q1. What is Single Touch Payroll or STP? STP has been introduced by the government to streamline reporting obligations of business. It involves uploading key data from your payroll direct to the ATO via STP enabled payroll software every time you process a pay. For a more detailed overview refer to this news post. Q2. Do