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What Is Single Touch Payroll and How Does It Work?

When upgrading payroll systems, many employers ask what is Single Touch Payroll? Single Touch Payroll is an online reporting system that enables the information to be reported to the Australian Taxation Office on a real-time basis, on payday. Knowing what constitutes Single Touch Payroll will ensure businesses are compliant with reporting requirements. The Single Touch Payroll definition is straightforward: It improves payroll reporting and eliminates paperwork and manual reporting. STP-compatible software can help employers become more accurate, save time and streamline the ongoing management of payroll.