Single Touch Payroll
Each time you process a payment to your employees, you will need to report to the Australian Taxation Office (ATO). Single Touch Payroll (STP) will align your reporting obligations to your payroll processes.
The information that is sent to the ATO will include details of your employees salaries and wages, allowances, deductions and other payments, Pay As You Go Withholding and superannuation information.
This will remove the need to produce Payment Summaries at the end of the financial year.