Changes to STP reporting from 1 July 2021
Employers should have already been reporting through Single Touch Payroll (‘STP’) unless they only have closely held payees, or they are covered by a deferral or exemption.
From 1 July 2021, there have been changes to STP reporting for small employers with closely held payees and quarterly reporting for micro employers.
More specifically, for employers with closely held payees, employers must now report amounts paid to their closely held payees through STP.
They can choose to report such payments via one of three methods, being:
- actual payments each payday;
- actual payments quarterly; or
- a reasonable estimate quarterly.
For micro employers reporting quarterly, the STP quarterly reporting concession is only available to micro employers who meet certain eligibility requirements (which now include the need for exceptional circumstances to exist).
Running your own business is time-consuming and who wants to spend their evenings entering sales data, doing payroll, matching invoices to payments and generally doing the financial admin for your business.
Speak to Omnis Group; we can offer you affordable, reliable bookkeeping services that not only ensure your financial data is up-to-date but also that it’s correctly coded saving you money on your end of year financial returns. Contact us today for a no-obligation quote.