Recently, the ATO decided to begin an initiative named Single Touch Payroll (STP) which will become mandatory as of July 1, 2018. STP will help to streamline administrative and bookkeeping duties relating to employee payroll, taxation and superannuation obligations; it allows employers to report salary and wages, superannuation information and PAYG withholding at the same time as their employees are paid. This will be beneficial in releasing some of the extra time spent on bookkeeping for your company.
If you require assistance with your bookkeeping (inclusive of mandatory ATO changes such as this one), we can arrange that for you; enabling you to spend more time with the ones you value most.
STP is mandatory as of July 1, 2018 for employers with 20+ employees; with a few stipulations. Attached below is a checklist created by the ATO to determine if you fit into the appropriate category for STP. If you need any guidance with this initiative, please feel free to call your client manager or reception direct on (07) 3832 7544.