Single Touch Payroll (STP) has certainly given bookkeepers and their clients a lot to think about, and we all can appreciate that the ATO has taken a measured and considered approach to its implementation. But we all know that this approach was going to change once businesses were given sufficient time to prepare for the STP implementation phase.
Going forward the expectation of the ATO will quite rightly shift to an oversight model that acknowledges the complex nature of STP implementation for small business but also assigns appropriate penalties for those who don’t comply with the new reporting requirements.