Single Touch payroll is on its way, so we ask- have you started to prepare your business?
Tax File Declarations, Payment Summaries and Employer Reconciliation Summaries (EMPDUPE) will be a thing of the past with the commencement of Single Touch Payroll (STP).
STP will commence from 1 July 2018 for businesses with 20 or more employees, completely changing the way employers report payroll information to the ATO.
So, what is Single Touch Payroll?
STP will make it mandatory for employers to report payments such as salaries and wages, PAYG withholding and superannuation contributions directly to the Australian Taxation Office from their payroll software at the same time they pay employees.
What do I need to do to prepare?
- Conduct a head count on 1 April 2018 (this is not FTE)
- Update your payroll solution - all Vendors will be providing updates early in 2018
- Start reporting from the first pay run commencing 1 July 2018
Learn more by dowloading our Single Touch Payroll fact sheet!