Single Touch Payroll Reporting
“STPR” is a reporting change for employers, but this will affect all employees.
What is the change?
From 1 July 2019, all employers will report payments such as wages, pay-as-you-go withholding (“PAYGW”) and superannuation information to the Australian Taxation Office (“ATO”) directly from their payroll software at the same time that employees are paid.
With these changes, the ATO will have more power to act sooner on non-complaint employers, with particular focus on payment of Superannuation Liabilities.
What do I need to do as an employee?
For employers with more than 20 employees, your payroll department would have been working hard to ensure they are ready and reporting payroll information with each pay to the ATO. Remember, these hard working people have had to modify processes and software to meet this new roll of red tape, in addition to making sure you are all paid on time.
So… coffee, donuts, chocolates or a fruit basket wouldn’t go astray in most offices I have worked with, to thank your payroll people.
But seriously, what do I need to do?
Not a lot, but you may not receive a payment summary from your employer if they are reporting through Single Touch Payroll (STP). Some employers started reporting in the 2018–19 financial year.
You may need a myGov account linked to ATO online services to access your income statement. If you use a tax agent, they can access this information for you.
This gives you access to your information more often, rather than waiting for the end of the year. Be proactive, and check that what your payslip says, matches to what information the ATO holds on you. The ATO will have access to real time data in regards to your wages and/or salary. With these changes, the ATO has also gained extra powers to act on employers who are not meeting their obligations, particularly with Superannuation.
In a nutshell…
Single Touch Payroll Reporting is here. As an employee, there is not much you need to do besides being a little more patient and supportive of your payroll team.
As an employer, there is a lot you must do to make for a smooth transition. Never before has the importance of thorough and consistent processes been more evident.
Unsure of what to do?
Wall Business Services have developed a Payroll Health Check to assist businesses through the change to STPR and to ensure ALL payroll processes for your business are being met.
– Karen Patterson