Single Touch Payroll (STP) is here and it will gradually change the way employers report your tax and super information.
The Single Touch Payroll (STP) reporting change applies to employers that have 20 or more employees.
Some employers have already started STP reporting. However, the majority of employers with 20 or more employees will start from 1 July 2018.
Employer STP reports will send the Australian Taxation Office (ATO), employee tax and super information each time they pay an employee. ATO calls this ‘real-time reporting’.
Employees will still be paid the same way. However, there will be some changes.
Article courtesy of the Australian Taxation Office, 02 Jul 2018.