Insights · Payroll ·
Single Touch Payroll basics
Single Touch Payroll (STP) sends payroll information to the ATO each time you pay your employees, through STP-enabled software.
What you report
- Gross wages, PAYG withholding and super information each pay run.
- Phase 2 details such as income types, allowances and employment basis.
Key date
Finalise STP for the financial year by 14 July. Your employees’ income statements then show as tax ready in myGov.
Common mistakes
- Allowances coded to the wrong type.
- Contractors run through payroll, or employees paid as contractors.
- Not finalising, so employees can’t lodge.
With Payday Super, payroll and super are more closely linked than ever.
Quick answers
When must STP be finalised?
By 14 July after the end of the financial year, per the ATO.
Want this looked at for your business?
Book a free 15-minute Financial Health Check with Tereza, our practice manager. We look at income, tax, the business, mortgage, insurance and super in one go. Short on time? Grab a 5-minute quick chat.
Sources
Related
General information only. This doesn’t take your circumstances into account and isn’t tax, financial or legal advice. Talk to your accountant or registered tax agent before acting. PRM is not a registered tax agent; tax agent services are provided by Australian Tax & Super Pty Ltd (TPB 25291395).