Have you heard of Single Touch Payroll (STP) ? It’s a new government initiative which will streamline payroll reporting, very similar to SuperStream. It works using accounting software by generating a report to the ATO each time you process payroll. The ATO is currently working with software developers and will make it mandatory for all employers who have 20 or more employees to begin STP reporting by 1 July 2018. Although this may not affect you currently, you may want to discuss this with your accountant as STP reporting may (not yet law) become mandatory for employers who have less than 20 employees by 1 July 2019. For those who use Xero accounting software, an official statement has been made regarding STP reporting: “STP functionality in Xero will be incorporated into the normal pay run process as required by legislation, and Xero will be updated before STP becomes mandatory i.e ( 1 July 2018)”.
