If you have not yet heard about Single Touch Payroll (STP), it is an upcoming initiative from the Australian Tax Office that will streamline reporting obligations and HR facilities through your payroll software.
The endgame of STP should see employers benefiting from a 'single touch' of their payroll software each pay run, resulting in all stakeholders being paid and reported to.
While initially announced as an initiative for businesses with 20 or more employees, the Australian Government has announced they will expand STP to businesses with 19 or fewer employees, subject to the passage of relevant legislation
Employers must perform a headcount on 1 April 2018 to determine when they will be required to report through Single Touch Payroll.
Employers with 20 or more employees on that date will be required to use Single Touch Payroll from 1 July 2018.
Employers with 19 or fewer employees will be exempt from Single Touch Payroll obligations until 1 July 2019.
Sybiz, through its membership in the Australian Business Software Industry Association continues to work closely with industry partners and the ATO to prepare for the implementation of Single Touch Payroll from 1 July 2018.
An update to Sybiz Visipay version 17 will be available before this date and must be installed in order to be compliant with Single Touch Payroll obligations. Prior versions of Sybiz Visipay will not receive any updates for STP compliance.
Sybiz will continue to provide information regarding Single Touch Payroll as it becomes available, through our website and customer newsletter
. An STP focused webinar will also be scheduled for early 2018.