Single Touch Payroll
As part of digital transformation agenda, The Minister for Small Business and Assistant Treasurer announced business reporting of tax and superannuation to simplify with the implementation of STP. Single Touch Payroll is a big initiative emphasizing the Government's commitment to reduce red tape and provides fairer and transparent environment for businesses. STP's initiative requires businesses to report information in the prescribed format to Australian Taxation Office. The information are reported concurrently (real time) along with other payroll functions like making payments to employees, payslip creation etc. Our position statement is updated with the area of STP considerations, it's transition plan & enforcement of Law. We advise customers to review our position statement to keep up-to-date. The Position Statement can be found on My Oracle Support, Document ID 2110574.1.