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.
- 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.
Need help getting ready on time?
Find out more about upcoming Single Touch Payroll events and how to ask for more time to get ready if you need it by calling the friendly team at OBT in Gatton on 5462 2277.