Live reporting through Single Touch Payroll
Aspen Corporate • 6 July 2019
Live reporting through Single Touch Payroll
Single touch payroll (STP) reporting has changed the way businesses report salary and wages, PAYG withholding and superannuation contribution information to the ATO.
For the 2018-19 financial year, only businesses with 20 or more employees were required to use STP. From 1 July 2019, all businesses will need to use STP although there is some leniency for micro businesses struggling with implementation.
STP means that employers will no longer issue Payment Summaries
, instead a finalisation declaration will generally need to be made by 14 July (the deadline is 31 July 2019 for businesses using single touch payroll for the first time in 2018-19).
If your employer has used STP in 2018-19, you can access your Income Statement from myGov. Through your myGov account, you will be able to see your year to date tax and superannuation information within a few days of your employer paying you.
Ask Your Aspen Advisor:
Ask Your Aspen Advisor:
Ask Your Aspen Advisor:
Ask Your Aspen Advisor:
Ask your Aspen Advisor
Many businesses hold critical data that poses significant risk to businesses and their customers if the data they hold is not safeguarded from cybersecurity threats.
