Single Touch Payroll (STP) is a new payroll reporting requirement being introduced by the Australian government effective the 1st of July 2018. Single Touch Payroll was legislated on the 16th of September 2016, as part of the Budget Savings (Omnibus) Act 2016.
The introduction of Single Touch Payroll (STP) by the Australian Tax Office (ATO) is going to impact many parts of your business, especially payroll. This checklist is designed to assist your planning process and understand your readiness for STP.
STP’s main aim is to improve transparency of information to the ATO, and increase compliance levels of Employers by simplifying and automating the reporting process. A secondary goal is to enable real-time data transfer between government agencies rather than data sharing after the fact. This real-time Cross Agency sharing of information is a key benefit to the initiative and will enable more accurate and higher levels of service from agencies that rely on the data.
STP Compliance will be mandated across two phases
Businesses will need to work with their payroll provider to understand when their specific payroll solution and version will be ready (or alternatively search for a solutionthat will be made compliant if the current solution is not).
Synchrony Payroll, our solution to the ever challenging environment of payroll management, is a fully scalable cloud based solution that is designed to be used for everyone, everywhere. It is localised across 41 countries around the globe and includes compliance with requirements such as taxes, social insurances, pensions and associated reporting.