Single Touch Payroll deadline is fast approaching
Single touch payroll will soon be mandatory for businesses with 20 or more employees. You should already have completed a head count to determine whether this applies to you or not.
If you have any questions, read the information below or contact us via email or on (03) 8888 4000.
What is Single Touch Payroll?
Single Touch Payroll is a new, simpler way to report your employees’ payroll information. This reporting change, mandated through new Australian government legislation, will ensure employers report payments such as salaries and wages, PAYG withholding and super information electronically through the ATO directly from their payroll software at the same time they pay their employees.
As a result of Single Touch Payroll, businesses will no longer be required to complete payment summaries at the end of the financial year as it will have already been done and available to employees through myGov. You will report your employees’ payroll information directly to the ATO from your payroll solution.
What do I need to do?
This new reporting method will be mandatory from 1st July 2018 for businesses with 20 or more employees on 1 April 2018. It will be voluntary for employers with 19 or less employees to adopt an STP solution at this time.
You will need to ensure your current payroll solution is Single Touch Payroll enabled, or change to one that is so you’re ready for when STP rolls out.
Questions: (03) 8888 4000 or email us.