Single touch payroll (STP) will be rolled out for all employers from 1 July 2019. Therefore, all employers who pay wages, withhold any amounts from contractors or make superannuation contributions will need to update their systems.
Information on wages, deductions and super will be provided in real-time from all Australian businesses, regardless of workforce size.
The update to STP will mean that all employers in the future will be exempt from the obligations to provide payment summaries to individuals. PAYG payment summary reports will also be a thing of the past.
Reporting will also be adjusted to show ATO separate amounts such as ‘sacrificed salary and wages amounts’ for super guarantee purposes.
If you have any questions about how the change may impact your business contact your Client Relationship Manager.