Single Touch Payroll is almost here and will affect over 100,000 businesses who are paying 13 million employees from July 2018. A government initiative, single touch payroll (STP) is designed to simplify the reporting for payroll for those employers with 20 or more employees. While they currently only report on individual payments such as salaries and wages, PAYG withholding and super once a year at the end of the financial year, as of July 1, 2018 they will need to report this to the ATO at the same time they pay their employees.
If you have staff in your business then you would be no stranger to the head ache that managing payroll can present. Time is money and as a business owner your time is precious and finite, and probably best spent on high value tasks that are aimed at growing your business.