Single Touch Payroll is the next step in streamlining your payroll reporting. It will change the way you report your employees’ payroll information to the ATO. It starts from 1 July 2018 for employers with 20 or more employees. You will report payments such as Salaries and Wages, Pay as you Go (PAYG) Withholding and Superannuation information to the ATO when you pay your employees. You can do this through your existing payroll software (such as accounting software) as long as it is updated to offer Single Touch Payroll reporting. Payroll software providers are updating their products now.
When do I need to get ready?
If you have 20 or more employees you will need to report through Single Touch Payroll from 1 July 2018. The first year will be a transition period and penalties may not apply.
If you have 19 or less employees, you will need to report through Single Touch Payroll from 1 July 2019.
So you need to ensure that your Payroll Software is ready and compliant in order to report to the ATO... If you are Not sure, do not hesitate to contact us for a riew of your current payroll software and setup.