July 1 was the day that the most significant tax change since GST was introduced by the Australian Taxation Office (ATO), it is called Single Touch Payroll (STP) and is now mandatory reporting for all employers.
STP has been on the cards for some time; it is reported in the press that business is worried about this change. In reality, there are several benefits for employees and employers.
The question asked is what will happen, is there a lot of change and how will it work?
A good start point is what won’t change?
- Your payroll cycle will not change. You can still pay your employees weekly, fortnightly or monthly.
- Your payment due date for PAYG withholding and super contributions will not change. However, you can choose to pay earlier if you would like to.
Who will benefit from STP?
- You will not need to provide your employees with a payment summary at the end of the financial year for the payments you report through Single Touch Payroll.
- The ATO will make that information available to employees through myGov or the ATO portal.
- When you report to the ATO through Single Touch Payroll, your employees will be able to view their year‑to‑date tax and super information in near-real-time through MyGov the ATO online services.
How will it work:
- When you start reporting through Single Touch Payroll, you will send your employees’ payroll and super information to the ATO from your payroll software solution each payday.
- If you do not have a software solution, you will need to download and set this up. It is a simple process via your mobile phone or desktop computer. It will take about ten minutes.
- Easy Payslip runs several educational webinars and has a local customer service team to help you through this and answer any questions that you may have.
At Easy Payslip, we understand that Single Touch Payroll compliance shouldn’t be a difficult task: it is a process that should only take ten minutes to set up with the right software.
Easy Payslip has been created to make this a simple process: with the flexibility of a mobile app and website, you can set up anytime, anywhere.
Easy Payslip is a leading Australian-based payroll solution for business owners who need flexible technology, simple setup and an easy-to-use solution, with ready access to help and support.
For more about Easy Payslip and how to get started, go to www.easypayslip.com.au or visit your Android or IOS app stores, call our customer service team on 02 8084 9222 or email us at firstname.lastname@example.org.
Watch this STP video
About Easy Payslip
Easy Payslip is a payroll solution for micro-sized and small businesses. It is the first payroll app in the market to have a fully stand-alone mobile technology that translates complex HR and payroll accounting system requirements into a simple app that employers can use wherever, whenever, and on whatever device they like.