Single Touch Payroll is a government initiative to streamline how employers report their tax and superannuation information to the ATO.
Employers will be able to report salary or wages, PAYG withholding and super information directly to the ATO at the same time as they pay their employees.
Single Touch Payroll will become available for a small number of employers from 1 July 2017, and Fortis Accounting Partners is aware that some of these employers may be our clients.
Here are some things you need to know:
- The ATO has been working closely with software developers, digital service providers and tax practitioners to design and implement Single Touch Payroll.
- Single Touch Payroll will be a requirement for employers with 20 or more employees from 1 July 2018.
- Software developers and digital service providers will deliver a Single Touch Payroll solution that suits your payroll needs. This means for most employers, Single Touch Payroll will become a part of your existing payroll management system.
- Payroll solutions will start to become available from 1 July 2017. For some employers, it will be possible to start to report through Single Touch Payroll as soon as you update to a Single Touch Payroll-enabled payroll solution.
If you yourself are an employer with 20 or more employees and you would like to speak with an experienced accountant regarding how these changes may affect the way that you report to the ATO, please feel free to get in contact with the team at Fortis Accounting Partners. You can give us a call on 02 92670108, or email us at info@exemplary-financial.flywheelsites.com – we’re always happy to assist in any way we can.
