Single Touch Payroll is now the way the Australian Tax Office collects vital employee information.
Income, tax and super are now to be reported to the ATO each time payroll is processed.
New legislation has indicated that ALL employees MUST report by July 1 2019. However there are certain circumstances that an extension will be granted to.
Employees can now access their tax information at the end of the financial year to lodge their tax return. This eliminates the need to send out the employee Summaries but it does mean the figures need to be accurate. If you started STP any time after 1st July 2019, you will need to submit more information.
Are you Compliant?
If so when did you start?
Do you need opening balances set up or do you need everything set up?
Get in Contact with us now, don’t leave it till June 30 2020 to sort it out!