SINGLE TOUCH PAYROLL
What is Single Touch Payroll
Single Touch Payroll (STP) or One Touch Payroll is an ATO compliance regulation this is mandatory for all business in Australia as of 1st July 2019. With Single Touch payroll an employer now sends the payroll information (salary, wages, PAYG, Superannuation) to the ATO at the same time as they process the pay run (payroll event).
The move to Single Touch Payroll represents a significant change for most Australian employers as it will require an upgrade or change of their payroll system in order to remain compliant with the new ATO regulations.
When does Single Touch Payroll come into effect?
Single Touch Payroll was officially passed into legislation that expands to ALL Australian employers on 12 February 2019.
- If you have more than 20 employees, STP was mandatory from 1 July 2018.
- If you have 19 or less employees, STP will be mandatory from 1 July 2019.
You can keep up to date with the ATO and STP here.
Benefits of Single Touch Payroll
- The overriding benefit of STP for employers is that the processing of reporting to the ATO will be streamlined due to the information being submitted when payroll us completed.
- The ATO will now pre-fill your PAYG withholding payroll fields W1 & W2 in your BAS, streamlining the processing and eliminating errors
- As all employees will now be required to have a MyGov account, you will no longer be required to generate payment summaries and onboarding new employees will be easier with Tax File Number Declaration and SuperChoice being self-managed.
Does KeyPay support Single Touch Payroll?
EI’s payroll solutions, powered by KeyPay has been STP-ready and ATO compliant since the legislation changed for employers with over 20 staff on 1 July 2018.
You can be assured that EI Payroll will not only provide faster processing and reduced risk but ensure that you are always compliant with payroll and tax obligations.
MAKING EMPLOYMENT EASIER BY COMBINING HR, LEGAL & PAYROLL SERVICES WITH TECHNOLOGY