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Single-Touch Payroll: Transparency & Accountability Where It Counts!

Posted on 16 August 2019

Single Touch Payroll is a digital taxation system that streamlines tax reporting for Australian businesses. Any business, from micro, small, medium, and corporate-sized enterprises may get the Single Touch Payroll (or, STP) system.

STP was introduced by the Australian Taxation Office (ATO) in July 1, 2018 (and rolled out last 1st of July 2019) to help businesses with:

  • Ease of real-time reporting of tax and superannuation fund payments
  • Real-time visibility over the accuracy and timeliness of each business’s payroll processes

What benefits does the STP system offer to backpackers and Australian employees like you?

If you work for a business that uses the STP system—that’s great news! STP offers a lot of positive changes, including:

  • Enhancing transparency of your employee entitlements
  • Providing real-time information on your wages, PAYG and superannuation
  • Eliminating your payment summaries (electronic records of your statements will be available online through myGov)
  • Providing transparency on employer superannuation contributions (with the intent of minimising your losses and improving your chances of retrieval)
  • Enhancing the tax return process, and making the process of lodging your returns faster and easier.
  • Providing a fairer workplace environment for employees

ATO’s STP system is a significant step to providing backpackers and Australian employees a fairer workplace environment. One where they don’t have to worry about whether deductions to their wages are excessive or not, or whether their supers have been paid. It offers peace of mind knowing that you are getting the income you deserve—or at the very least, may expect to receive. If you have more questions about STP and the advantages it offers to businesses and to you, click this link—we’ll be here to help.

Claim Your Tax Back Now!

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