Single Touch Payroll (STP) was introduced from 1 July 2018 for businesses with 20 or more employees. On 5 December 2018 the senate passed the Bill which extends STP to employers with 19 or fewer employees from 1 July 2019.
So what does this mean for you? From 1 July 2019 employers with 19 or fewer employees must ensure that their payroll software is STP compliant. STP compliant software will transmit tax and superannuation data to the ATO when a payrun is completed. STP does not change your pay cycle for PAYG withholding to the ATO, nor does it change your quarterly payment obligation for superannuation.
For employers who are currently using a system that is not STP compliant the ATO have published a list of suppliers who will provide a low-cost solution. The list can be found here
If you are unsure what these changes mean for your business or are unsure of what software solution may be right for you then contact the team at Hoffman Kelly who can talk you through the option that will best suit your business.