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.
The superannuation guarantee rules are broad and, in some circumstances, extend beyond the definition of common law employees to some directors, contractors, entertainers, sports persons and other workers.
The amount of money that can be transferred to a tax-free retirement account will increase to $2m on 1 July 2025.
In the 2025-26 Federal Budget the Government announced a ban on non-compete clauses and “no poach” agreements.
The personal income tax rate reduction announced in the 2025-26 Federal Budget was confirmed, from 1 July 2026, personal income tax rates will change.
Aspen Corp's 2025-26 Federal Budget Update
Global Google searches for the word “tariffs” spiked dramatically between 30 January and 2 February 2025, a +900% increase to the previous 12 months. We look at what tariffs really mean.
