Ramco Systems announced that Ramco Australia Payroll is Single Touch Payroll (STP) ready. With 25+ clients onboard, this enhancement enables customers to report their employees’ payroll information to the Australian Tax Office in a simple manner with effect from 1 July 2018.
The Australian Tax Office (ATO) Single Touch Payroll, also called STP or one touch payroll, is an ATO initiative that will require employers with 20 or more workers to report salaries and wages, pay as you go (PAYG) withholding and superannuation to the ATO each time they pay their employees.
STP is an improved and convenient manner in which employers will now be required to report payroll information after every “payroll event” – essentially after payroll has been processed – rather than previously reporting their tax payable on a monthly, quarterly or yearly basis. In addition to PAYG, super information will also need to be reported, which was not a requirement earlier.
Ramco’s STP-compliant Australia Payroll will enable the employers to report salaries/wages, PAYG withholding and superannuation information of their employees to the Australian Tax Office. This functionality will ensure that the customers meet statutory compliance and seamlessly accommodate the new changes.
Virender Aggarwal, CEO, Ramco Systems, said “We are excited to announce that Ramco’s multi-country Payroll platform has been recognised as one of the few STP enabled payroll platforms in Australia. With this, our clients are well positioned to adhere to the ATO regulation with ease. In addition to enabling compliance to statutory requirements, our focus is to simplify the life of a HR & Payroll professional by enabling user experience innovations with Chatbots, Hub and Voice based transactions on Alexa and Google Assistant. With one touch payroll compliance, platform to cover 40+ countries, and a comprehensive hire to retire HR functionality with time and attendance and contingent workforce on one platform, we deliver a comprehensive HCM platform which can deliver digital transformation to businesses, globally.”
