Benefits for employers that report and finalise through STP include the following:
• No payment summaries- Employers no longer have to issue employees with payment summaries for amounts that are reported and finalised through STP. Instead this information will be available through myGov.
• No annual reporting to the ATO- Employers no longer have to provide the ATO with a Payment Summary Annual Report for payments reported and finalised through STP.
• BAS pre-filling- From 1 July 2019, the ATO will pre-fill labels W1 and W2 for small and medium withholders with the gross payment and withholding amounts reported and finalised through STP. Employers will simply need to check and adjust these amounts if required.
Furthermore the ‘onboarding’ process of employees has been streamlined, via myGov or the employer’s software.
