Single Touch Payroll (STP) reporting includes:
- the employer providing
- the amount of Superannuation that has been accrued, Year to Date, for each employee
- each time an employee is paid
The law allows for at least the Superannuation Guarantee amount to be provided however the STP design allows the employer to provide the total amount of all Super they are obliged to pay
- RESC: the amount of Super that would have been provided on a payment summary as Reportable Employer Superannuation Contribution can be provided throughout the year or in the same way as previously which is provided only once per year at the ‘Finalisation’ process following the end of the year.
- the Superannuation Funds providing
- The amount of Superannuation payment received from each employer for each employee
- Each time a payment is received or on a periodic (monthly) basis
The full impact and implementation of this superannuation reporting will not be in place until well into the 2019/20 financial year. However, Employers are required to provide this information with the STP reporting now and Superfunds are beginning to provide their information more regularly now.
What is happening with the super information?
The ATO will begin to display the employer information to the employees on the employee's myGov ATO Online Services site. Exactly how this will be shown is still being discussed.
When the ATO is receiving the ‘payments received’ information from the Funds regularly and with stability, then this information will also be displayed on myGov. The manner of displaying this information and aligning it with the employer obligation amounts is being discussed.
The display of this information on myGov ATO Online, will change and be implemented over the next 12 to 18 months.
What is the ATO going to do with it?
The ATO will be performing analytics and also exception reporting techniques on the employer super information received. ICB is in the discussions about what information is being reviewed, how it is being reviewed and what actions the ATO will take based on the information.
The ATO will look for employers who are not accruing super at all or properly. They will look for employers who are accruing but not paying. The ATO is well aware of the complexities of super calculations and are working with us to develop appropriate follow up strategies.
How does Super Reporting through STP interact with the SG amnesty?
Remember that the SG Amnesty is not yet law. It is government policy, however, to ensure that employers are paying their SG and as such we believe the compliance actions of the ATO will be enhanced when they begin receiving the Super information through STP.
Employers meeting their SG obligations is one of the outcomes of STP.
The revised law allows the ATO to pro-actively contact employees and employers to ensure SG compliance.
As such the successful, or otherwise, implementation of the proposed and announced SG Amnesty is irrelevant to the compliance actions of the ATO and STP.
Updated: 28th August, 2018