Payroll ( STP )

Single Touch Payroll (STP) is a new method for reporting tax and uperannuation details for ATO.
Companies will report their workers’ payroll information, such as wages, income, salaries, pay as you go (PAYG) withholding and superannuation reporting details for all those times when companies pay their employees.

Bookkeeping

It has the following categories:

  • Small- scale employers who have 19 or less than this number of employees – they need to report with the help of STP at any time before 30 September 2019.
  • Employers with small number of employees just like if they have less than four employees: they have additional opportunities including all use of low cost or no cost products, or they can report quarterly through their registered tax agent or BAS agent.
    STP is also very helpful for reporting information to ATO, if large employers have more than 20 hours.

NEW employee onboarding

When a worker begins a new job, they can easily complete their commencement forms online by using STP system. In this way the onboarding process for new employees will be streamlined for workers, employers and their intermediaries.
All details are filled on priority bases into the online forms, which are helpful to reduce the following things to happen

 

  • Wrong or uncompleted information which is being provided to an employer
  • Different errors, which can affect badly such as an employee having the incorrect amount of tax withheld.

Registered agents providing a payroll service

  • If you are a registered agent then you need to provide a payroll service for your clients, with the help of Single Touch Payroll (STP) software, for meeting all payroll demands and needs of customers.
  • The processing of payroll depends on the payroll service while including all information on behalf of the employer. Performance of any payroll related works and functions also included in payroll activities, such as involvement of interpretation, legislating and assisting with employers to calculate and keeping record of their pay as you go (PAYG) withholding, tax liabilities and super guarantee liability.

The STP software provides all the product proposals for giving a response to make a request in market offering such solutions; it should be very affordable, accessible, like it should take only few minutes to complete each pay period time, and it is not for employer that it should take time for maintaining software for every employee.

 

STP system for helping employers.

In this case, employer need to tell their employees that they are no longer required to supply a payment summery, for the information which is provided to ATO. as well as reported and finalised by using the software (STP)
In this way, they can easily access their payment summery for year to date and end of year payment summery details through online using my Gov, which is now a days called income statement.
Also, STP software help out employees to check all their personal information to keep those thongs up to date before tax time , in this way things can be sorted out easily.