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Single Touch Payroll - Are you ready?

Tuesday, April 10, 2018

Single Touch Payroll


The ATO has now introduced Single Touch Payroll from 1 July 2018, if you have a headcount of 20 or more employees, you must use Single Touch Payroll-enabled software to report your employees tax and super information to the Australian Taxation Office.

If your headcount is 19 or less you will not need to implement single touch payroll until 1 July 2019.

This short video provides an overview of Single Touch Payroll.
https://www.ato.gov.au/Business/Single-Touch-Payroll/
 
You'll need to report the following on or before every payroll pay day:
 
  • employee payments such as salaries and wages
  • pay as you go (PAYG) withholding
  • super information.
 
To find out when you need to report through Single Touch Payroll, you'll need to do a headcount of the number of employees you have on 1 April 2018. Please see the following guidelines from the ATO in regards to how to accurately perform a headcount
https://www.ato.gov.au/Business/Single-Touch-Payroll/Get-ready-for-Single-Touch-Payroll/
 

What's changing?

 
  • You may not need to provide payment summaries to your employees at the end of financial year when you report through Single Touch Payroll.
  • Your employees will be able to see their year-to-date tax and super information through myGov.
  • In the future, Single Touch Payroll information will be used to prefill your activity statement.

What you need to do

 
  • Talk to your payroll software provider to find out when your Single Touch Payroll-enabled software will be ready. If you are using XeroQuickbooks Online or MYOB we have been assured that their software already is or will be compliant by 1st July 2018.
  • Ask us at Rogerson Kenny Business Accountants or your external payroll service provider how to get ready.
  • Review your current payroll processes to ensure compliance. We are here to help you review your payroll process to make sure it meets the single touch payroll requirements.
  • Start developing an implementation plan.

How can we help?


Rogerson Kenny Business Accountants are here to help and can provide assistance with the migration of payroll data into a compliant electronic payroll system. 

Contact your account manager directly or call 03 9802 2533 and you will be put in contact with an appropriate member of staff to help guide you through the process.

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