Single touch Payroll… What you need to know…

19/07/2019

Pendragon

Payroll

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As you should be aware, Australia has adopted a Single Touch Payroll (STP) system whereby every time you are remunerated/ paid, the information of that remuneration/payment goes directly from your employer or payroll providers to the ATO…

What does this mean for you the employee???

The ATO will keep updating your total year-to-date salary (YTD) on your myGov portal each and every time you get remunerated/ paid. It will also show the PAYG withholding amount and Super guarantee amount contributions as they accumulate. In a way, this is good news for you, as you will now have more access to your pay and taxes in a timely manner, plus you can check if your Super is being paid correctly. In this way it also proves that the employer has processed your pay…

If not done already, you will have to look at setting up a myGov account, which will have all your details in there ready for you to view your year to date tax and super information…

Here is the link to the ATO to explain it further for you

Post by Pendragon

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