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You may have seen that recently the ATO announced changes to the way businesses must now report Single Touch Payroll (STP). There is a chance this might affect your reporting, so to clear up any confusion, we’ve put together the below information to help you work out what you need to do.
Employers should now be reporting through Single Touch Payroll (STP), unless they only have closely held payees or are covered by a deferral or exemption.
From 1 July 2021, employers with only closely held payees must also start reporting through Single Touch Payroll. An employer can choose to report these payees either:
From 1 July 2021, the STP quarterly reporting concessions for micro employers (employers with 1 - 4 employees) will only be available to micro employers who meet certain eligibility requirements which now include the need exceptional circumstances to exist. Employers can apply for this concession through the online deferral tool from 1 July 2021.
After you run your payroll, you can send STP information to the ATO through an STP-enabled software solution. You can either do this yourself, or you can ask us, (or your bookkeeper), to lodge on your behalf.
Do you have questions about Single Touch Payroll and your business? Fill in the form below and we will be in contact with you.