Australian lawmakers passed legislation that requires even the smallest of employers to electronically file each pay run with the tax office using Single Touch Payroll (STP), starting July 1 2019. It’s a big ask for the nation’s 2.3 million small businesses, which employ 40 percent of all workers.
Businesses with 20 or more employees began reporting from 1 July 2018.
There are approximately 800,000 businesses with 19 or fewer employees in Australia. That’s about 35 per cent of Australian businesses. Out of that an estimated about 500,000 business have one to four employees
STP will be a big change for small businesses that have clung to outdated desktop
STP offers many benefits. One is that employees will gain more visibility as to whether their
employers have paid their SG contributions – a move that will cut down on the estimated A$2.85 billion in SG payments that go unpaid every year.
Do you want to be STP ready for your payroll?
Contact us for cost and obligation free consultancy.