Are you ready for streamlined reporting with Single Touch Payroll??

From 1 July 2018 employers with 20 or more employees will need to update their payroll solution to report through Single Touch Payroll.

 Employers will report payments such as salaries and wages, pay as you go (PAYG) withholding and super information to the ATO directly from their payroll solution at the same time they pay their employees.

ATO’s comments on the roll out is “We will continue to provide information to help you understand what you need to do to get ready for Single Touch Payroll. Right now we’re working closely with payroll software and service providers to help them get ready to offer Single Touch Payroll reporting for their employer clients. Some providers have told us they’re waiting for final versions of ATO technical documents before they can build updates to their products. We’re currently finalising these, and will publish them on the Software Developers website as soon as possible. We know some providers will not have their products ready by 1 July 2018. They will need to use our guidelines to provide evidence so we can consider deferrals for their employer clients. We will publish separate deferral guidelines for employers shortly.”

Single Touch Payroll will expand to include employers with 19 or less employees from 1 July 2019 subject to the legislation being passed in Parliament.