Single Touch Payroll or STP will apply to all employees starting July 1st, 2019. Hopefully during the transition, no fees will be applied. Bigger companies “substantial employers” who have 19 or more employees will start the Single Touch Payroll July 1st 2018. If the software is not ready or the employers system have to be updated, the dates for transition may change. STP is not a small change, specified data now has to be reported to the ATO. Employers top priority is to of course pay the employees, hopefully STP will work out.
Key Takeaways:
- An announcement that beginning July 1, 2019 that single touch payroll will apply to all employers.
- There is cooperation between the ICB and ATO to help make the transition.
- Each time an employee is paid the specific report data must be sent to the ATO.
“The Federal Minister for Revenue and Financial Services, Kelly O’Dwyer, has announced that Single Touch Payroll (STP) will apply to all employers from 1 July 2019.”
Read more: https://insidesmallbusiness.com.au/planning-management/single-touch-payroll-now-for-everyone
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