Single Touch Payroll
There has been lots of talk about STP
What does it stand for?
STP stands for Single Touch Payroll, these are new laws introduced by the government to help keep track of wage liabilities, particularly employee taxes and superannuation.
If you own a business and are paying employees, these new laws will impact you. Why?
Because more governance is required to ensure employee entitlements are being paid on time and in full.
The new laws require businesses with up to 19 employees to report to the ATO using an authorised reporting software.
If you do not currently use a software package to prepare your wages, you will now be required to get on board.
Be sure to speak with a professional to make sure you are setup correctly, there are also exemption categories, including quarterly reporting for employers with less than 4 employees, call today to find out how to apply.
If you do fall under one of the exemption categories you have the option to opt in early and get your business up and running on STP now, this may help to eliminate the future stress for when it does becom a requirement for you.
If you do not understand your reporting requirements it is highly recommended that you speak with a professional.
Do you want to;
- Learn more about the affordable reporting options available, or
- Find out how to apply for an exemption.
Click the Book an Appointment button below, and we can help you understand your business requirements better.
This is general information only and does not take into account your financial situation, needs or objectives. Before acting, consider if the information is right for your needs. This information is based on our understanding of current Australian laws and assumes they will remain unchanged.