Despite the 30 September 2019 deadline, as of October 1st 2019 the ATO is still waiting on 49% of small employers to start sending wage information via an approved Single Touch Payroll (STP) solution, according to the Sydney Morning Herald1.
If you are an employer with 19 or fewer employees, and have not met this compliance requirement, we can assist you via the Vision Super clearing house.
The Vision Super QuickSuper Clearing House service provides an easy, convenient and compliant method for organisations to process employee superannuation contribution payments. Vision Super’s QuickSuper processes payments and also sends corresponding employee data to superannuation funds.
QuickSuper allows contributions to all superannuation funds including SMSFs. Employee contribution details can be easily updated and employers only need to provide a single direct debit or EFT payment to QuickSuper for processing.
The Vision Super QuickSuper Clearing House also includes capabilities for employers to submit their Single Touch Payroll files to the ATO.
What is STP?
STP is a new way of reporting payroll information to the ATO. Most employers are now required to be reporting each pay event to the ATO. By reporting employee payroll information via STP employers may not be required to provide employees with an end-of-year income statement (payment summary or group certificate).
After reporting via STP, employees can view their year-to-date tax and super information online at myGov. If your employees do not have a myGov account, they will need to create one to view their income statements and we recommend that you communicate this change to your employees.
The ATO claims that the streamlined payroll processes will deliver greater visibility for the ATO, particularly in regard to unpaid super or late payments.
Vision Super’s commitment to you
We’re here to help you meet your super obligations with personalised support, when you need it. Our dedicated employer services team is committed to making it easier for you to administer super with our wide range of tools and support. And we’re here for any questions you may have about super, so you can get on with your business.
Call the employer hotline on 1300 304 947 Monday to Friday 8:30am to 5:00pm.
* QuickSuper is a registered trademark and a product owned and operated by Westpac Banking Corporation ABN 33 007 457 141. Westpac’s terms and conditions applicable to the QuickSuper and Single Touch payroll service are accessible once your eligibility has been assessed by VisionSuper, and you’ve received a confirmation email with your QuickSuper login details. A Product Disclosure Statement is available from Westpac upon request.