News
July 1st signals changes to Single touch payroll reporting
There are changes to Single Touch Payroll (STP) reporting for small employers with closely held payees and quarterly reporting for micro employers from 1 July 2021.
From 1 July 2021, if you are an employer with 19 or fewer employees you must report closely held payees through STP. You can choose to report these payees each pay day, monthly or quarterly. A closely held payee is an individual directly related to the entity from which they receive payments i.e. family members of a family business, directors or shareholders of a company or beneficiaries of a trust.
You must continue to report information about all of your other employees (known as arm's length employees) via STP on or before each payday.
There is also a change to STP quarterly reporting concessions for micro employers. The ATO had provided several concessions depending on business, industry, or employer types, but most of these end on 1 July 2021. From this date, the STP quarterly reporting concessions for micro employers will only be available to micro employers who meet certain eligibility requirements, which now include the need for exceptional circumstances to exist.
If you haven't started reporting through STP, you need to start reporting as soon as possible, as penalties may apply. Alternatively, TaxAssist Accountants can report through STP for you.
Arrange a consultation with your local TaxAssist Accountant for advice to help choose the right service or product to suit your business needs.
Date published 11 Jun 2021
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