by Priscilla Bramley | Customer Bookkeeping Officer | Jun 6, 2019 | News
STP is the new payroll reporting requirements implemented by the Australian Taxation Office (ATO) and will be mandatory for all employers from 1 July 2019 with some exemptions (e.g. paying associated persons).
STP requires employers to report the Gross, PAYGW and Super amounts for each employee to the ATO on or before each payment date for each pay run. In order to complete the report you will require a STP compliant payroll solution.
STP will see the end of PAYG Payment Summaries and Statements (or group certificates) reporting at the end of financial year. Employees will no longer receive a payment summary at the end of each financial year; instead they will be able to access this information via their MyGov login. Annual reporting for employers will still need to be completed but will be done via a Finalisation Declaration.
Employers who started reporting in the 2018-19 financial year will have until 31 July 2019.
We strongly recommend that all employers conduct a review of their employer requirements and obligations to ensure they are compliant.
If you are already using a payroll solution that is STP compliant and have setup and opted into STP but have less than 20 employees you must start reporting to the ATO. You cannot setup and wait until 1 July. In simple terms if you have opted in you must start reporting. In terms of end of financial year for 2018/19 this will mean you do not have to complete and lodge PAYG Pay Summaries and Statements. You will instead need to complete a Finalisation Declaration.
EnVision Partners is here to assist you through this transition. Over the coming weeks you will receive emails with specific instructions on how to get ready for your program.
If you would like EnVision to process your payroll on your behalf please contact our office on 07 46628700 or email@example.com for a quote.
Alternatively if you would like to discuss your obligations, setting up, processing or filing STP please contact our office on 07 46628700 or firstname.lastname@example.org to schedule an appointment with Priscilla Bramley or Jo Irwin our bookkeeping team members.