Freyer Partners | Finance

Freyer Partners

Phone: +61 414 303 009

Add/Update information

Reviews

Tags

• Businesses
• Accountant
• Financial service
• Finance

20.01.2022 Is your business ready for Single Touch Payroll (STP)? What is it? STP is a requirement of the Australian Taxation Office whereby an employer must send tax and super information from their payroll or accounting software to the ATO for each and every pay run. Do all employers have to do it? The answer to this is Yes. ... When does it start? If you have 20 or more employees you should have been reporting under STP as from 1 July 2018 or at least arranged a deferral. If you have between 5 and 19 employees you are due to commence reporting between 1 July 2019 and 30 September 2019 unless you apply for a deferral. If you are a Micro employer that employs between 1 and 4 employees you may elect for your tax/BAS agent to report the payroll information on a quarterly basis instead of each pay period. This way of reporting will only be valid until 30 June 2021. To ensure that you are ready for STP or to find out more about your obligations, please contact our office as soon as possible so that we can assist you in a smooth transition to Single Touch Payroll. You can also find out more information about STP at the following ATO link. https://www.ato.gov.au//single/about-single-touch-payroll/