It’s time to get ready for Single Touch Payroll
From 1 July 2018, if you have 20 or more employees, you’ll need to use Single Touch Payroll-enabled software to report your tax and super information to the ATO.
You’ll need to report the following on or before your payroll pay day:
- employee payments such as salaries and wages
- pay as you go (PAYG) withholding
- super information
To find out if 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.
You can also ask a third party – like a payroll service provider or tax professional – to report for you if they use Single Touch Payroll-enabled software.
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.
- Ask your tax professional or payroll service provider how to get ready.
- Review your current payroll processes to see if they can be updated.
- Start developing an implementation plan.
