The next stage of the ATO’s Single Touch Payroll (STP) Reporting requirements come in affect from July 1st 2021. All closely held employers must start reporting the amounts paid to their closely held employees.
What this means for you:
- You must register for STP through your accounting software
- You must start reporting your amounts paid to closely held employees
There are three reporting options available:
- Report actual payment on or before the due date – whenever you make a payment to a closely held payee, report the information on or before each pay event.
- Report actual payments quarterly – report your actual payments to closely held payees quarterly. Each quarter, when your activity statement is due, report all payments made in that quarter.
- Report a reasonable estimate quarterly – report amounts equal to or greater than a percentage of gross payments and tax withheld from the latest year, across each quarter.
You can find more information on the ATO’s website.
Should you need any assistance with your STP reporting options please contact the Nexis office where one of our team can assist you.