The Cybele Team functions as an addition to your internal personnel. We are aware of and responsive to your demands. Save time to work on your company as we keep accurate records of your financial activity in accordance with normative and regulatory compliance.. Cybele are Chartered Accountants-Bilingual in Spanish

Single Touch Payroll (STP)

Home Services Single Touch Payroll (STP)

Service Overview

A new legislation modified when and how small firms reported payroll activities to the Australian Tax Office (ATO). Businesses used to provide this data to the ATO once a year. They now provide a report after every payday. These reports must also be supplied digitally in a specified manner.
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When you report payroll

At the conclusion of the financial year, small firms used to finalise their payroll records and produce:

• a payment summary annual report for the ATO, stating how much the business paid in salary or wages, the PAYG withheld, and some superannuation contributions made on their behalf

• a payment summary for each employee, stating what each employee received in wages or salary, the payroll taxes collected from their pay, and some superannuation contributions made on their behalf

The payment summary yearly report and payment summary are no longer available with STP.

There will be no more payment summary annual reports.

You no longer need to file a payment summary yearly report since you update the ATO on a pay-by-pay basis. You just notify the ATO after you have completed your last pay run for the financial year for your employees.

No more employee payment summaries, either

Payment summaries are no longer needed to be delivered to employees, hence employers are not obligated to generate them. The ATO relies only on single touch payroll reports to record salary/wages received, taxes collected, and superannuation contributions. By login into myGov, your employees may view the information that was previously displayed on their payment summary.

Cybele are Chartered Accountants-Bilingual in Spanish

  • Report payroll online
  • Comply with single touch payroll
  • Contact Cybele

The ATO no longer accepts paper forms for reporting payroll transactions. You must submit the information electronically, using a format called as SBR (Standard Business Reporting).

Employers with 1-4 workers are entitled to use the free or low-cost solutions developed by software developers for the ATO. These solutions should cost no more than $10 per month.

You must ensure that you can submit compliance reports on each payday. This is what it means:

  • If you utilise online payroll software, it should be adequate. Simply ensure that it generates ATO-compliant reports.
  • If you use desktop payroll software, you should look for a provider that will upload your payroll reports, convert them to the ATO's necessary format, and submit them on your behalf.
  • If you utilise spreadsheets or pen and paper, you must locate a provider to translate the data into a digital report format that is compliant and submit it on your behalf.

If you don't currently work with an accountant or bookkeeper, now is a terrific time to start.

Contact Cybele Accounting and Bookkeeping and let us take the stress out of your single touch payroll.

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0411 427 491

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0411 427 491

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About Our Company

The Cybele Team functions as an addition to your internal personnel. We are aware of and responsive to your demands. Save time to work on your company as we keep accurate records of your financial activity in accordance with normative and regulatory compliance..
Cybele are Chartered Accountants-Bilingual in Spanish.

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