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STP reporting gives ATO follow up data

10/23/2019

STP reporting gives ATO follow up data

One of the consequences of Single Touch Payroll reporting to the ATO is that the tax office now has a steady stream of data regarding superannuation payments due to employee nominated superannuation funds. Regardless of the frequency that you make payments to superannuation funds on behalf of employees, the ATO will now know what payments should be made and by when. It is reasonable to believe the ATO will use the data to monitor compliance with payment requirements and initiate action when payments have not been made on time.