Employees need to be prepared now that the Single Touch Payroll (STP) covers all Australian businesses.
- All businesses are now required to submit STP data to the ATO effective 1st July 2019.
- Businesses with 5 to 19 employees have been granted a 3 month grace period before penalties may apply.
- Businesses with 4 or fewer employees have been granted the option to submit STP data quarterly via their BAS or Tax Agent for two years.
- Closely held businesses have been granted a one year exception.
Click this link for a guide on the incoming changes under STP.