Single Touch Payroll (STP), is a new way of reporting tax and superannuation information to ATO.
With STP you report employees’ payroll information – such as salaries and wages, pay as you go (PAYG) withholding and super – to ATO each time you pay them through STP-enabled software.
STP works by sending tax and super information from your STP-enabled payroll or accounting software to the ATO as you run your payroll.
You will:
- run your payroll
- pay your employees as normal
- give them a payslip.
Your pay cycle does not need to change. You can continue to pay your employees weekly, fortnightly or monthly.
Your STP-enabled payroll software will send ATO a report which includes the information ATO need from you, such as:
- salaries and wages
- pay as you go (PAYG) withholding
- super liability information.
Our softwares at Superb tax accountants are STP enabled and our superb accounting team make it a breeze for you by timely reporting of all your obligations.