As an employee you may not have heard of Single Touch Payroll (STP). STP will change the way employers report your tax and super information to the ATO.
STP has applied to employers with 20 or more employees single 1 July 2018, and to employers with 19 or less employees from 1 July 2019. If your employer reports through STP they will send the ATO your tax and super information each time they pay you. This is called ‘real-time reporting’.
But don’t worry! You will still be paid the same way.
There will, however, be some changes for you:
- You will see your year-to-date tax and super information in myGov
- Payment summaries will also be in myGov
- You can check if your super has been paid
- Your registered tax agent will also be able to access your STP information.
The ATO have produced a handy summary fact-sheet which is a useful resource for employees here.
If you have any concerns or questions regarding Single Touch Payroll, please do not hesitate to contact our office on 08 8523 0133 or via email at email@example.com for more information.