Single Touch Payroll (STP) aligns your reporting obligations to your payroll processing. Starting from the 1st of July 2018, all businesses with 20 or more employees will be required to report to the ATO each time they pay their employees. The information they report will include employees' salaries and wages, allowances, deductions (for example, workplace giving), pay as you go (PAYG) withholding and superannuation information.
MYOB is working directly with the ATO to ensure that you’re ready to go on 1st July 2018.
What should you be doing to prepare for STP?
- Understand what STP is and how it will impact your business;
- Update payroll software to the STP-ready version;
- Define your payroll categories clearly, especially if you are a big business. These categories include normal hours, overtime, commissions, tax, super etc;
- Make sure you have:
An AUSkey (a secure login that identifies the employer when using government online services);
Access to the ATO Access Manager (This access is used in the implementation process to nominate MYOB as your hosted software service provider);
Ensure all employee information, including last name, birth date, address, suburb, postcode, state and telephone number, is correct and up-to-date. This information would be required by the ATO for STP reporting.