Employers should be required to report and pay Superannuation Guarantee at the same time as salary and wages, says the Australian Institute of Superannuation Trustees (AIST). The Government recently announced that Single Touch Payroll, which involves reporting SG and PAYGW to the ATO when wages are paid, will be compulsory for… Read More »Employers should report & pay superannuation at same time as wages
What is Single Touch Payroll (STP)?
Single Touch Payroll (STP) is a Government initiative for employee Superannuation Guarantee and PAYG Withholding amounts to be automatically reported to the ATO during the payroll process.
Large employers (20 or more employees) had to use Single Touch Payroll from 1 July 2018.
Small employers (19 or fewer employees) may have to use it from 1 July 2019, depending on the passage of legislation.
The Government has announced that from 1 July 2019 small employers will have to be using Single Touch Payroll. Single Touch Payroll will involve reporting salary and wages, PAYG withholding and superannuation guarantee information to the ATO as part of the payroll process. This was to apply to large employers… Read More »Small employers to have to use Single Touch Payroll from 1 July 2019
The Government should extend Single Touch Payroll to small employers to help combat superannuation non-payment in the black economy, says a superannuation industry body. One aspect of Single Touch Payroll is the electronic reporting of payroll information to the ATO. The reporting of payment of salary and wages, PAYG withholding… Read More »Force small employers to use Single Touch Payroll to fight black economy
Single Touch Payroll could pressure employees to choose a super fund without information about investment returns or fees, Industry Super Australia has argued. Part of the Single Touch Payroll initiative is a digital superannuation standard choice form, currently being developed by the ATO. Industry Super Australia says that employees may be pressured… Read More »Single Touch Payroll may push employees to choose sub-standard fund
The Association of Superannuation Funds of Australia (ASFA) has criticised the development of Single Touch Payroll, warning the ATO and Government of unintended consequences. One aspect of Single Touch Payroll, currently under development by the ATO, would allow employees commencing new employment to complete their superannuation standard choice form and… Read More »Design of Single Touch Payroll risks unintended consequences
Small business sees Single Touch Payroll as a Trojan horse towards more frequent payment of Superannuation Guarantee, the ATO Commissioner has told a Senate Committee. “Single Touch Payroll is based on a reporting function, not a payment function,” said ATO Commissioner Chris Jordan, in an appearance before the Senate Economics… Read More »Small business sees Single Touch Payroll as “Trojan horse”: ATO
Legislation to enact Single Touch Payroll has been introduced to the Parliament, contained in the Budget Savings (Omnibus) Bill 2016. Update: the Budget Savings (Omnibus) Bill 2016 has passed the Parliament. Single Touch Payroll (STP) is a system for the automatic electronic reporting of superannuation and payroll information to the ATO from… Read More »Single Touch Payroll legislation introduced to Parliament
The Government is planning to proceed with Single Touch Payroll, according to the Mid-year Economic and Fiscal Outlook (MYEFO) 2015/16.
Following the announcement of delays in the implementation of Single Touch Payroll the ATO is engaging in a further round of consultation.