Single Touch Payroll (STP) - Next Steps

​For employers
 
What do I need to do?
Single Touch Payroll reporting will take effect from 1 July 2019. 

All necessary payroll information, such as wages & salaries, 
​(PAYG) withholding and super information, will be reported to the ATO
when you pay your employees.

If you have existing payroll or accounting software, it should offer updated ‘Single Touch Payroll’ reporting. However, if it’s not an option speak to your software provider or Boox for when their product will be ready.
 
What does it mean?

• Reporting with Single Touch Payroll will send your employees’ payroll and super information to the ATO directly from your payroll software each payday.
• Payments to employees can still be made weekly, fortnightly or monthly.
• PAYG withholding and super contributions payment due dates remain the same with the choice to pay earlier if you choose.
• You may not need to provide your employees with a payment summary at the end of financial year for certain payments reported via Single Touch Payroll. This information will be available by the ATO to employees via myGov.
• Options for you to invite employees to complete Tax file number declaration, Superannuation standard choice form and Withholding declaration online will be available in the near future.
• Employees will be able to view their year-to-date tax and super information through myGov.​

What you need to do

• Update your current software to include Single Touch Payroll reporting from 1 July 2019. Alternatively, if you don’t have online software you can upgrade the existing software, convert to new, or if applicable, take advantage of free or very low cost software available just for the compliance of STP. 
• Talk to Boox-The Bookkeeping Experts about available software updates, or contact us to give you the best advice on a solution for your business.

 
For employees

Single Touch Payroll (STP) is a tax and super information reporting change that all employers must adhere to by 1 July 2019.

The new ‘real-time’ reporting method via STP will send employee tax and super information direct to the ATO each time you are paid.

This change will have little effect on employees directly. However, there are a few changes to be aware of.

What does this mean for you?
Year-to-date tax and super information will be available to you through myGov.

• Information will be accessible by logging into myGov and ATO online services.
  • If you don’t have a myGov account it’s very easy to set up by simply using your email or mobile number to sign in.
  • It’s not compulsory to have a myGov account. However, you won’t be able to see your year-to-date tax and super information without one.
• Real-time reporting means that your year-to-date tax and super information will be available each payment date. 
  • Information can take a few days to update in myGov from the date of payment, so your payslip may not match instantly.

 
Payment summaries will be available in myGov

• Your employer is not obliged to give you an end of year payment summary for the information they report through STP (the law has changed).
• Payment summary information will be available in myGov at the end of the financial year.
  • If your employer is using STP reporting, check with them on how you will get your payment summary for 2019/20. 
  • Your employer may choose to issue payment summaries for the first year.
• Payment summary information via myGov will be called an income statement(formally know as a group certificate).
• The ATO will send a notification to your myGov inbox when your income statementis ‘tax ready’ for your accountant to lodge your tax return.
• Using a registered tax agent, you can continue to lodge your tax return as you currently do.

 
You can check if your super has been paid.

• Your employer will tell the ATO how much super they are required to pay to your superannuation fund.
• The Super fund will inform the ATO once your employer has made the payment to your fund.

​Boox the Bookkeeping Experts are specialists in all bookkeeping fields and are available to help you understand and implement these changes. Contact us to help you make the transition.

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