Single Touch Payroll (STP) is a new regulation that changes how businesses report tax and super information to the Australian Tax Office (ATO). Previously, businesses could report this information once a year but now need to report each time they run their payroll.
Software providers (like MYOB or Xero) can tell you about the STP solution that they offer.
For small employers, with 19 or less employees, need to report through STP from 1 July 2019. Large employers, with 20 or more employees should now be reporting through STP.
For more information, go to: https://www.ato.gov.au/Business/Single-Touch-Payroll/
If you are unsure whether you comply with STP, please contact your TAG Adviser.
Disclaimer: The information contained is general in nature. Professional advice should be sought before acting on any aspect on this page. Financial planning services provided by TAG Financial Advisors Pty Ltd (ABN 77 154 205 017 AFSL 415632), a wholly owned subsidiary of TAG Financial Services Pty Ltd (ABN 67 075 374 686).