Single Touch Payroll Is Only 3 Weeks Away – Are you Ready?
June 8th, 2018
From 1 July 2018, Single Touch Payroll (STP) will become mandatory for employers with more than 20 employees.
The ATO led initiative will see an improvement in the way wages, superannuation and PAYG taxes are monitored, encourage greater transparency, modernise payroll reporting and connect business to the ATO in real time through their accounting software.
Are you ready?
STP compliance is mandatory unless you have received notice from your payroll software that you have been granted a deferral for all your employees or you have approached the ATO directly for a deferral.
If not, you will need to be ready to send payroll data to the ATO using STP reporting when you finalise your payroll after 1 July 2018.
First Super’s STP solution is free for default employers
First Super has been working with its clearing house to provide a STP solution that will not only enable you to be compliant with the new tax obligations but is free of charge to our default employers.
To simplify how employers can submit STP reports to the ATO, we have replicated the process you currently use to upload your employees’ superannuation files to the employer portal, so that you can use a similar process to upload your STP file.
Our clearing house facility will take all the necessary steps to ensure you are compliant with your tax obligations.
First Super’s STP solution will be operational soon and successfully submitting STP reports to the ATO.
If you have more than 20 employees and have not solved your STP solution or would like to find out more, call First Super on 1300 943 171 to register your interest.
A Service Centre Consultant will be in touch with you to discuss your needs and advise you of the next steps to take.
Click here for the ATO’s Get Ready Checklist.
The ATO also has provided a step-by-step guide to help businesses prepare for STP. If unsure please visit ato.gov.au/stp