The introduction of the Single Touch Payroll (STP) switches businesses to a streamlined pay system. Each time you manage your payroll and pay your employees, you will also submit your employee salary information, pay as you go (PAYG) withholding and super information to the Australian Taxation Office (ATO ) via an STP enabled software.
As the new legislation changes the way the Australian Government mandates employers to submit essential payroll data to the (ATO), there are some companies and payroll software providers that are advancing with the rollout while others are panicking about being ready.
This article provides basic information on how entrepreneurs can integrate STP in their business and employees.
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