What is Single Touch Payroll Reporting (STPR)?
The introduction of Single Touch Payroll Reporting (STPR) is the Australian Taxation Office’s first whole of economy big data initiative to collect real-time transaction and compliance information, creating significant changes for how businesses across the country report to and engage with regulators.
As part of the Budget Savings (Omnibus) Act 2016, employers will soon be required to comply with the Australian Tax Office’s (ATO’s) STPR requirements which will see the ATO collect payroll data in real time, setting a new standard for payroll reporting in Australia.
Mandatory reporting will start from:
- 1 July 2018 for businesses that employ 20 or more people, and
- 1 July 2019 for businesses that employ less than 20 people.
The intention of STPR is to improve compliance by employers and transparency of information initially with the ATO, however, the real-time data will in due course be shared between other agencies.
Our business consultants understand the new requirements, and can help your business successfully navigate and benefit from this change.