QuickCuppa: Discussing the Basics of Single Touch Payroll (STP)
What is Single Touch Payroll (STP), what does it mean for small business, and what do I need to do to be STP compliant?
In this episode of QuickCuppa, QuickBooks experts Terina and James discuss the fundamentals of STP for small business. STP comes into effect for all small businesses from July 1 2019 so if you or your clients aren't sure what you need to do, this video is perfect for you.
Questions answered include:
What is STP?
Do businesses need to use a certain payroll software to fulfill STP obligations?
Can anybody report on STP on behalf of a business?
Can businesses start reporting STP before July 1?
What does that mean for payment summaries for the year?
Will employees get payment summaries?
What if employees don’t have a MyGov account?
Are businesses still expected to complete other reporting such as BAS?