Understanding Single Touch Payroll (STP)

Accurate and timely payroll management is essential for businesses of all sizes. Ensuring employees are paid correctly and on time not only builds trust but also keeps your payroll compliant with Australian Taxation Office (ATO) regulations.

Many businesses start with spreadsheets for basic payroll tasks, but when the end of the financial year approaches, the complexities—and headaches—begin. With Single Touch Payroll (STP) mandatory since 1 July 2019, all employers are required to electronically report payroll information to the ATO after every pay run.

At Bendigo Bookkeeping, we offer a cost-effective payroll solution starting from just $10 (excluding labour). Let us help you navigate the complexities of payroll so you can focus on growing your business.

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.

What You’ll Receive with Our Payroll Services:

1. Payment summaries are being 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.

If employees use a registered tax agent, the agent will receive the income statement information directly from the ATO.

For those without myGov access or a tax agent, they can call the ATO at 13 28 61 for assistance.