Bookkeeping Payroll Services in Bendigo
Simplify Payroll Management
Bendigo’s Trusted Bookkeeping Experts
Single Touch Payroll (STP) is an Australian Taxation Office (ATO) initiative designed to streamline payroll reporting. With STP, employers must report employee salaries and wages, PAYG withholdings, and superannuation contributions each time employees are paid—whether weekly, fortnightly, or monthly.
As of 1 July 2022, all Australian small business owners are required to report additional payroll information. This process is typically handled by your payroll software provider.
What Does STP Mean for Employers?
For many businesses, the biggest change is the requirement to report payroll data more frequently instead of once at the end of the financial year. If you already use payroll or accounting software that supports STP, you can start reporting with ease.
Key benefits for employers:
- No need to issue payment summaries to employees.
- No need to lodge a payment summary annual report for information reported and finalised through STP.
- Can be performed remotely, but we’re also available for on-site support if required
Important Information to Share with Your Employees:
1. Payment summaries have been replaced by income statements available online via myGov.
2. Employees can access income statements by:
- Logging into their myGov account.
- Selecting ATO online services, navigating to My profile, and choosing Income statements under My employment.
3. If employees use a registered tax agent, the agent will receive the income statement information directly from the ATO.
4. For those without myGov access or a tax agent, they can call the ATO at 13 28 61 for assistance.
Contact Bendigo Bookkeeping Today
Contact Maurie at Bendigo Bookkeeping on 0418 573 667 or email maurie@bendigobookkeeping.com.au. We’re here to help you streamline your financial management with ease.
