How does STP affect my business?

Currently employers pay super and PAYG monthly or quarterly with the super funds reporting the contribution data to the ATO annually and PAYG being reported via the BAS or Income Activity Statement.

STP requires super and PAYG to be reported when each pay run has been processed.  This will enable the ATO to monitor payments and step up compliance.

The collection of superannuation contribution data through STP will also enable the ATO to display this information on the employee’s myGov account, providing Australians with easier access to information about their superannuation via the same government platform that houses much of their taxation, medical and other records.