Businesses used to report their payroll information to the Australian Tax Office (ATO) once every year, but now businesses need to report this information to the ATO after each pay day.
Single Touch Payroll (STP) is a new way of reporting payroll information to the ATO. Payroll information such as tax and superannuation information must be submitted using a solution that is ATO compliant payroll or accounting software that files payroll information to ATO after each pay cycle.
By submitting payroll information through STP compliant ATO solution, following yearly financial reports will not be required:
• Payment Summary Annual Report: Total wages, PAYG and super contributions made by the business
• Employee Payment Summary: Total paid per employee including wages, taxes and super
So now businesses should only let the ATO know when they’ve made their last pay run of the financial year for their employees and employees within the business can see payment summary information by logging on to their my.Gov.au portal.
How to become Single Touch Payroll (STP) compliant?
Businesses should ensure they comply to below each payday:
• Online payroll or accounting software or desktop payroll software they use should be STP compliant and should produce ATO-compliant reports and report to ATO on their behalf
• For businesses currently using MS excel, spreadsheets or books, they must find STP compliant digital report or software and submit to ATO
Payroo is a solution to make your STP smooth.
Payroo is a quick, easy, low-cost, STP compliant, ATO approved payroll solution!
It helps in saving the extra admin hours by successfully simplifying, optimizing companies into a perfect fit low-cost payroll solution.
Payroo will enable:
• Easy entry of employee timesheets from different clients per pay run
• Easy handling of other earnings (over-time pays, shift pays, weekend and holiday pays, etc), allowances (meal, travel, etc), and deductions (salary advance, loans, etc) at employee and client level
• Automatic delivery of pay slips for all employees per pay run
• Custom payroll summary reports
• Easy payroll processing for 1-1000+ employees at multiple locations, per pay run by a tested and proven software solution customised for your industry
• All employment types such as Directors, Sole traders, Contractors via ABN, labour hire, casual, part-time, and full-time scenarios
• Agent portal for your tax agents, accountants, and bookkeepers to audit and validate all their client businesses payroll reporting from one spot
• Employee portal for employees’ access into their timesheets, payslips, and other individual reports (June 2020)
• BAS reporting to ATO (June 2020)
Payroo team will be there every step of the way to train your staff, on-board and support you.
Email: [email protected] or Contact: (03) 9016 9430
Sign-up for FREE, become STP compliant, manage your payroll and send payslips for the first month at no cost. For more information visit: