29
Jan

Single Touch Payroll (STP) & How It Will Affect Employers!

Single Touch Payroll (STP) & What You Need to Know As An Employer!

Single Touch Payroll ( STP ) is a new system that will require all employers to maintain their payroll systems on a computerized payroll package that will communicate with the ATO. (Australian Tax Office)

Every Pay period, STP will provide the ATO with

  • gross wages
  • tax withheld and
  • superannuation information

This information will then prefill the Business Activity Statement ( BAS ) and Instalment Activity Statement (IAS) each reporting period.

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