Australia adopts Single Touch Payroll
The Budget Savings (Omnibus) Bill 2016 was enacted on 16 September 2016 – making Single Touch Payroll (STP) a legislative requirement.
ADP has been working closely with the ATO over the past few months, including attending regular consultation meetings to discuss the design and implementation of STP. Our deep knowledge and wide experience in payroll processing puts us in an exceptionally strong position to represent the interests of our clients and work with the ATO to ensure that STP delivers real compliance benefits and efficiency savings.
We’ve has also agreed to participate in the ATO’s business process or ‘walk-through’ pilot, giving our nominated clients the opportunity to be one of the first to take advantage of STP’s new streamlined reporting process.
Once all legislative requirements for STP reporting have been finalised, all ADP products will be updated to become STP compliant and we will seek formal ATO certification, in accordance with the required software development timelines.
Written by: Angela Lehmann