single touch payroll meaning is that it is a government initiative to simplify tax and super reporting of employers by providing an easier method of reporting payroll. STP helps in removing the necessity to present reporting separately or at the end of the year by combining reporting with the payroll procedures. Whenever the employees are remunerated, their information is safely forwarded to the ATO so that the records will be correct and up to date. This system makes businesses more efficient, reduces errors and increases compliance. To the employees, it gives them a real-time access to earnings, tax, and super contributions via their myGov account, which makes their financial records more visible and easily accessible.