|First published: June 11|
From 1 July, you will need to report your employees’ tax and super information to the Australian Tax Office (ATO) at the same time you pay them (this includes payments made to super funds). You will need to use a payroll software solution that is STP-compliant.
STP is designed to simplify the reporting process for employers. By paying your employees at the same time you report to the ATO, you can take care of your payment and reporting obligations in a ‘single touch’ instead of it being a separate process.
You can read more about STP and how it works on the ATO website.
Ask yourself or your payroll provider the following questions:
Most employers will not be STP-ready by 1 July. The good news? Many payroll providers have already applied for a deferral period for all their users.
If you make a mistake during reporting, don’t panic – you can correct any errors you make in the next STP report. You won’t have to pay a penalty for a late report during the first 12 months of compulsory STP either, unless the Commissioner gives you written notice advising otherwise.
1 July is just around the corner, so make sure you stay in regular contact with your payroll provider. You should be notified when your solution is ready.
LGIAsuper’s Relationship Managers can brief your further on the impacts of STP. We have been talking with major payroll providers in the local government space and can answer any questions you may have.
Head of Relationship Management, Ben Moles – 07 3244 4397
Relationship Manager, Ami Schwarz – 07 3244 4392
Relationship Manager, Darren Cali - 07 3244 4334
For all other enquiries, please email email@example.com