What is single touch payroll?
Single Touch Payroll Reporting (STPR) is a legislated requirement which will see the ATO collect payroll data in real time.
This will create significant changes for businesses and reporting to the ATO, so instead of filling out monthly, quarterly and yearly forms, the ATO will have access to real time transaction data. This means that the ATO’s compliance activities will be completed in real time and will streamline business reporting and reduce the amount of paperwork required.
What do I need to do about single touch payroll?
There are a few steps to this:
When do you need to comply?
How do I comply?
Businesses will need to have SBR-enabled software to comply, check if yours is compliant here.
Review your payroll processes and policies and ensure that they comply with the Fair Work Act 2009.
You should then be ready to go if you complete the above.
Should you need further help, call SBA Fremantle, we’ll be able to assist with any additional information and advice, or go to the ATO website here.