It’s time to get ready for Single Touch Payroll

Originally published by ATO.

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 us.

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.

 

Contact the team at NBC to talk about your options today.