Business advice
and accounting

Our purpose is to help you on your journey as you grow. Learn more about our history, partners and purpose.

Our purpose is to help you on your journey as you grow. Learn more about our history, partners and purpose.

Your partners for Business Service and Advisory, Taxation, Audit, Business Valuation, Forensic Accounting and Business Valuation Services.

Whatever your business, industry or family office, from local or international institutions we bring extensive expertise.

We're one team with a purpose and passion for what we do. Learn about our culture and career opportunities available to you.

Uncovering insights, trends and inspiration to help business grow in an ever-changing world.

We are always looking for ways to engage and give back to our community.

Telephone: +612 9283 1666
Email: admin@esvgroup.com

Level 13, 68 York Street,
Sydney NSW 2000

Why us

Our purpose is to help you on your journey as you grow. Learn more about our history, partners and purpose.

What we do

Your partners for Business Service and Advisory, Taxation, Audit, Business Valuation, Forensic Accounting and Business Valuation Services.

Who do we help

Whatever your business, industry or family office, from local or international institutions we bring extensive expertise.

Work with us

We're one team with a purpose and passion for what we do. Learn about our culture and career opportunities available to you.

What we think

Uncovering insights, trends and inspiration to help business grow in an ever-changing world.

Working to give back

We are always looking for ways to engage and give back to our community.

Contact us

Telephone: +612 9283 1666
Email: admin@esvgroup.com

Level 13, 68 York Street,
Sydney NSW 2000

Single Touch Payroll – The Horizon is in sight!

14 March 2019

by David Prichard

As you may be aware, the Australian Tax Office (ATO) implemented a Single Touch Payroll (STP) system on 1 July 2018 for all employers who have 20 or more employees as of 1 April 2018. This has now been extended, from 1 July 2019, for employers with 19 or fewer employees.

STP is the next step in streamlining your payroll reporting. It will change the way you report your employees’ payroll information to the ATO.

Payments such as salaries and wages, pay as you go (PAYG) withholding and super information will be required to be reported to the ATO when you pay your employees. This means that the payroll information will be reported immediately to the ATO rather than on a monthly or quarterly basis. Payment due dates for PAYG withholding and super contributions will not change, however you can choose to pay earlier.

STP can be reported through 2 methods:

1. Accounting/ Payroll software: Some accounting and payroll software have an STP function which should facilitate lodgement of the information to the Australian Taxation Office each pay run (see below).

2. Third Party Lodgement: If you do not have an accounting or payroll system that offers STP, a registered agent can report the STP on your behalf.

There are currently six products that have STP functionality which are priced at $10 or less per month. The major software providers are yet to release their versions of STP enabled software but expect to have them on the market before 30 September 2019. The ATO have provided a grace period until 30 September 2019 to allow STP reporting given the short implementation time.

The continuous data flow to the ATO is designed to reduce year end compliance for employers and employees whose affairs are straight forward (eg those that do not have reportable fringe benefits or other payments that are not processed through the payroll system). Employee’s will still be able to access the relevant information through their myGov account or their Tax Agents via the Tax Agent Portal.

If you require more time to transition to STP we can apply for a later start date with the ATO depending on your circumstances. The ATO are aware of the short lead time to comply and are therefore amenable to a transition period, however, this should be discussed and agreed up front.

Should you require further information to the above or require any assistance with the implementation of STP or other accounting systems, please do not hesitate to contact your engagement on 02 9283 1666.