STP Myth-Busting – An update from Tax Banter

We are now at the pointy end of implementing STP reporting which has applied to substantial employers (20 or more employees as at 1 April 2018) since 1 July 2018 but has been expanded to include small employers (19 or fewer employees) from 1 July 2019. This is the most significant change to reporting systems for businesses since the introduction of the GST on 1 July 2000.

Under STP, an employer reports information on their employees’ salaries and wages, PAYG withholding and superannuation to the ATO in line with their payroll cycle.

Amending legislation — contained in the Treasury Laws Amendment (2004 Measures No. 4) Act 2019, which was enacted on 1 March 2019 — extends the requirement to report employees’ payroll and superannuation information through STP to the ATO at the time of the payroll to all employers from 1 July 2019.

Click here to read the full article

Latest News

About Author

TaxBanter