One third of medium and large businesses not STP reporting
32% of substantial businesses have yet to commence Single Touch Payroll (STP) reporting according to statistics released by the Australian Taxation Office (ATO).
Whilst 49,748 substantial businesses are meeting their compliance obligations, this still leaves 23,762 medium and large businesses who may be subject to ATO penalties from 1 July 2019.
The ATO defines substantial businesses as employers with 19 or more employees. STP reporting has been mandatory for substantial employers since 1 July 2018. The ATO has previously communicated the first 12 months are a period to get it right and there would not be penalties during this period. With STP’s first anniversary fast approaching, you should now either be reporting through STP or have a deferral that extends beyond 1 July 2019.
For those meeting their compliance obligations, this end of financial year is the first under STP. If you are reporting pays via STP, you are no longer required to issue payment summaries and your EOY is a new, simplified process.
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To enquire about any Attaché product, including our Single Touch Payroll and payday filing solutions, contact us.
Single Touch Payroll for employees
Single Touch Payroll also impacts your employees. Our STP employee fact sheet provides everything your staff need to know.