Single Touch Payroll (STP): Who Qualifies and What You Get
Learn how Single Touch Payroll works for Australian employers and why finishing your end-of-year declarations is vital for your staff.
Single Touch Payroll (STP) is a digital reporting method that allows employers to send payroll information to the government every time they pay their staff.
Who it's for
This scheme applies to all employers who have staff working in Australia.
What you get
By using this system, you can report payroll information to the tax office in real-time. This ensures that your employee pay and tax data stay up to date with the government throughout the year.
What it costs you
There is no direct fee to the tax office to use this system. However, you will need to use payroll software that is specifically designed to be STP-compliant to send your reports.
The catch to know
You must complete and submit your finalisation declaration by the mid-July deadline. If you miss this date, it can cause significant tax problems and headaches for your employees when they try to file their own tax returns.
How to apply
- Ensure you are using payroll software that meets the required standards.
- Set up your software to send reports every time you run a pay cycle.
- Complete your finalisation declaration at the end of the financial year.
- Access more information and tools via the official portal: https://www.ato.gov.au