As from the 1st of July 2018, Single Touch Payroll (STP) reporting will come into effect in Australia and change the way organisations with 20 or more employees report to ATO. Your STP compliant payroll software will now report payments such as salaries and wages, pay as you go (PAYG) withholding and superannuation information directly to ATO, every time you pay your employees.
STP comes with large benefits to simplify your reporting and save your time. With a streamlined and automated reporting for PAYG withholding, you will be able to remit your PAYG with each payroll event. Consequently, W1 and W2 from your Business Activity Statement (BAS) will now be prefilled, saving you time. Single Touch Payroll also means that your end of year will be smoother as you will no longer have to process payment summaries or submit end of year reports to ATO.
If your organisation has 20 employees or more, it is mandatory that your payroll software is STP compliant by 1st of July 2018. Sage has now completed the Australian Taxation Office STP Certification process and has verified its compliance for their Sage MicrOpay and WageEasy software.
Contact us at email@example.com to look into our payroll offers and ensure that you are STP compliant by the end of the financial year.