Single Touch Payroll (STP) remains a mandatory reporting system for Australian employers in 2026, requiring payroll information such as salaries, wages, PAYG withholding, and superannuation to be reported directly to the ATO each time employees are paid. STP Phase 2 continues to enhance reporting requirements, including more detailed income types and employment conditions, improving transparency across government agencies. For businesses, this means maintaining accurate and timely payroll processes through STP-enabled software is essential to stay compliant and avoid penalties. It also simplifies end-of-year reporting, as much of the required data is already submitted throughout the year. By adopting efficient payroll systems and working with a CPA or advisor, businesses can ensure compliance, reduce administrative burden, and stay up to date with evolving ATO requirements.
Preparing for the End of Financial Year (EOFY) doesn’t have to be overwhelming with the right approach and planning. Start by ensuring your financial records are accurate and up to date, including income, expenses, payroll, and superannuation obligations. Reconciling bank accounts and reviewing outstanding invoices early helps avoid last-minute surprises. It’s also important to check eligibility for deductions, ensure compliance with ATO requirements, and organise supporting documentation. Using cloud accounting software or working with a CPA can simplify the process by providing real-time insights and ensuring nothing is overlooked. By staying organised throughout the year and addressing EOFY tasks proactively, businesses can reduce stress, avoid errors, and make the most of available tax opportunities. BACK