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  • Single Touch Payroll reporting off to a positive start

    Single Touch Payroll (STP) is off to a positive start, with thousands of employers transitioning to real-time reporting in the first month.

    Employers need to report STP information each time they pay their employees – which can be weekly, fortnightly or monthly.

    Assistant Commissioner John Shepherd said the move to real-time reporting will improve the fairness of the tax and super system for both employers and employees.

    'The ATO will receive and match employer reported data each pay cycle. This will give employers a better picture of their tax position, which can help them manage their business and tax obligations'.

    Mr Shepherd also commented on employees using online services.

    'Employees will be able to check their year-to-date tax and super information by logging into myGov and accessing ATO online services.'

    Employers will be reporting their employees' super information as well as their salary and wages in each STP report. When event-based reporting starts for super funds in 2019, we will have greater visibility of unpaid super. This will help prevent employees missing out on their entitlements.

    The rollout of STP is being staggered and we expect to have around 60,000 of the 70,000 employers on-board and reporting each payday by December this year.

    'Single Touch Payroll isn't just about enforcing obligations and creating more data; it's about making the most of the information an employer captures - and getting that information from them when they're running their payroll.'

    Mr Shepherd said we have worked hard to design a system that works for everyone.

    'We've worked very closely with our industry stakeholders to design a system that's streamlined and secure. The design and deployment of STP would not have been possible without the hard work of our industry partners - from software developers, tax professionals, super funds, employers and industry associations.'

    We are also looking at more ways to use real-time data to meet reporting obligations to other agencies such as confirming income and Centrelink benefit recipients, and this streamlined process could help save employers a lot of time in fulfilling their requirements.

    Mr Shepherd spoke more in-depth about this topic at the Superannuation Engagement Forum. View the Single Touch Payroll External Linkrecording.

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      Last modified: 23 Aug 2018QC 56594