One touch is all you need


Have you kept up to date with the 1 July Single Touch Payroll reporting changes?

In its most recent edition of ‘Business Adviser: Tips and Advice for Family Business‘, leading chartered accounting group HLB Mann Judd provided advice on the latest changes to Single Touch Payroll reporting requirements 

As of 1 July 2021, there were changes to Single Touch Payroll (STP) reporting for small employers with closely held payees and quarterly reporting for micro employers.

If you are an employer, you should currently be reporting your employees’ payroll information through Single Touch payroll (unless you only have closely held payees or a deferral or exemption covers you).

However, as of 1 July 2021, there were changes to STP reporting for small employers with closely held payees and quarterly reporting for micro employers.

As an employer of closely held payees (such as family members or a family business, directors or
shareholders of a company), from 1 July 2021, you will need to report those payees through Single Touch
Payroll software like any other employee. You will be allowed to choose when to report each pay day, per
month or by quarter.

From 1 July 2021, specific eligibility requirements need to be met for micro employers to access the STP quarterly reporting concessions. These concessions will now include the requirement for exceptional
circumstances to exist. In this case, micro employers refer to employers who have anywhere from 0 to
between 1 and 4 employees for most of the year and then increase their workforce for less than three
months of a financial year.

These concessions can be applied for through the ATO’s online deferral tool. Be advised, however, that employers who have not started reporting through Single Touch Payroll without a deferral or exemption could be liable for severe consequences.

Visit HLB Mann Judd for independent accounting advice

 

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