You have probably heard about “Single Touch Payroll”. It is a reporting change for employers and is being introduced from 1 July, 2018.
Single Touch Payroll is a means of reporting employees’ salaries and wages, allowances, deductions (for example, workplace giving) and other payments, pay as you go (PAYG) withholding and superannuation information to the Australian Taxation Office. It will eventually replace the current requirement of issuing annual PAYG payment summaries.
Single Touch Payroll is mandatory for all employers with 20 or more employees (subject to a headcount on 1 April, 2018) commencing from 1 July, 2018.
This commencement date may be subject to exemptions, depending upon software providers readiness to report and other matters.
Employers with fewer than 20 employees will have longer to transition with an expected commencement date of 1 July, 2019.
You can stay up to date and get further information regarding “Single Touch Payroll” by: –
- Talk to your software provider
- Visiting the ATO website at; www.ato.gov.au/singletouchpayroll
- Follow the ATO on Facebook, Twitter or Linkedin
