As of July 1, 2018, all businesses with 20 or more employees will need to take part in the government’s new single touch payroll (STP) initiative. STP requires all affected businesses to report superannuation and payroll data to the ATO every time they pay run.
It’s a massive change from existing requirements and many Australian businesses don’t have a full understanding of what is required.
To assist with the knowledge gap, three leading payroll specialists (hr3, Aussiepay and ePayroll) are working together to launch The STP Ready Initiative – in an effort to help Aussie businesses understand what needs to be done.
“Basically, instead of annual payroll reporting, your business will need to report payroll and superannuation data every time you pay a member of staff,” explains Michael Benyon COO of hr3.
The STP Ready Initiative seeks to give businesses a clear understanding and action plan for STP, filling in the gaps left by the ATO. Businesses will also be able to download a
free white paper, with a checklist to ensure their company is ready.
“The ATO can only go so far because it’s up to the payroll provider to implement the change,’ Benyon explains. “That’s why there is an information disconnect for businesses, which we are trying to fill.”
The STP Ready Initiative and corresponding website are now live: www.singletouchpayrollready.com.au