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Since 1 July 2020, all employers must report their payroll via the new Single Touch Payroll (STP) system.

The ATO has announced if employers do not have a specific deferral or exemption, the ATO can impose penalties. A general deferral is in place for closely held employees, for example, a working director. That deferral ceases on 30 June 2021.

For employers who may not meet these new STP requirements or the closely held employee reporting deadline, Maynard Accounting can help in several ways:

  • Discussing challenges and making a plan.
  • Help find an STP solution.
  • Help set up the software and register with the ATO.

Three options are available for closely-held employees after the exemption deadline of 30 June 2021:

  1. Reporting actual payments for each pay event
  2. Quarterly reporting based on actual payments
  3. Quarterly reporting based on a reasonable estimate

For STP solutions, please contact our office at your earliest convenience.

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