5 Steps to Single Touch Payroll Reporting (STP)
Step 1:
FIND OUT WHEN YOU NEED TO COMPLY
Mandatory reporting will start from:
- 1 July 2018 for businesses that employ 20 or more people, and
- 1 July 2019 for businesses that employ less than 20 people.
Step 2:
CONNECT YOUR BUSINESS SYSTEMS
Employers will need to have SBR-enabled software to comply with their PAYG withholding obligations. (SBR = Standard Business Reporting)
What businesses need to do.
Check if yours complies contact your Lime Results adviser. We can help with Single Touch Payroll (STP) for MYOB and Xero.
Step 3:
CHECK YOUR PAYROLL PROCESSES
STPR means real-time reporting of payroll, PAYG withholding and superannuation payments to the government and associated government agencies.
What businesses need to do.
Check your HR practices and payroll procedures, including PAYG, superannuation, leave allowances and timeliness of payments, comply with the Fair Work Act 2009 and associated amendments – visit https://www.fairwork.gov.au/.
Step 4:
GET YOUR EMPLOYEES ONLINE
Businesses need to move away from paper-based payroll processes (such as timesheets, pay slips, leave applications and expense claims), with the added benefit that employees will have access to their full payroll information online via their payroll vendor and year-to-date pay and superannuation contributions via a myGov account.
Step 5:
START REPORTING YOUR PAYROLL
If you have followed the steps above, you’re ready to go!
Your payroll timeframes don’t need to change, but you can consider changing your PAYG withholding and superannuation liabilities to be in line with your payroll. Talk to your Lime Results adviser about the advantages of doing this.
What businesses need to do.
Encourage your employees to set up or update their myGov account and link it to the ATO’s online services as recommended by the ATO.