What Does Single Touch Payroll Mean For Employees

The launch of single touch payroll systems came as a blessing to companies who were responsible for submitting information to the Australian Tax Office and paying salaries to employees. A simple system that does all the hard work, saves time and eliminates the risk of human error came as a relief to wage payers across the country. Companies couldn't get their hands on STP software quick enough and you'll be glad to know that it has endless benefits for employees too. Continue reading to find out what this real-time reporting tool means for you as an employee.

Minimises The Risk Of Human Error

When you're entering mass amounts of data it's inevitable that, at some point, you're going to make a mistake and even the smallest mishap can have huge implications when it comes to numbers. Whether it's due to a slip of a hand or a miscalculation, receiving the wrong salary can be really frustrating. If you notice that you've been under or over paid it takes time rectifying the inaccuracy. Not to mention the possibility of this impacting on your superannuation payments and tax. Single touch payroll systems eliminate the risk of human error which means you can relax with peace of mind knowing that you're in safe hands.

Say Goodbye To Pay Summaries

Stp software automatically tracks submissions made by your employer and makes them available for the ATO via online services. This also makes your life a hell of a lot easier because you can instantly access all this information too. Your myGov account is the portal to all your valuable inside intelligence and you can access it at the touch of a button. This means that you don't have to wait until the end of the financial year to view your payment summary. You now have the freedom to query any discrepancies and keep track of your information as and when you need it. 

Centralised Information

The centralisation of your information has other benefits too. All the people who need to access your information can get to it easily, this makes switching jobs and setting up your own ventures even easier. You wont need to make requests to access your information, you can just view and share it whenever you please. If you apply for a new job or you want to set up a business you can use your myGov account to see information about your superannuation and tax and won't have to chase people and slow the process down.

Streamlined Reporting

Up until single touch payroll came into play employers would have to hold mass amounts of data until it was shared with the tax office. The ATO would ask for regular reports that held different information, some reports would be shared monthly and some would be shared quarterly. When this data was shared there were discrepancies with the format of the reports. This made it difficult for the ATO to make sense of the data and use it effectively. Streamlining the reports by using stp software ensures that the ATO gets accurate and concise reports from all employers. This works in your favour too, you'll always get your pay slips on time and you will be able to decipher the information easily because your report meets the ATO standard.

Summary

When it comes to payroll you'll be glad to hear that your employer has invested in stp software and has made the switch. You'll have access to all your information at all times and you can be sure that it will be accurate. Centralised information, streamlined reports and easy access are just some of the benefits you'll receive along with peace of mind.