Your business ready for Single Touch Payroll?
Single Touch Payroll Reporting
The ATO has introduced new payroll reporting requirements for all businesses. Different requirements apply to your business depending on the number of employees you have as at 1st April 2018.
20 or more employees on your payroll:
Single Touch Payroll reporting is required from 1st July 2018. You will be required to report all salaries and wages, pay as you go (PAYG) withholding and superannuation information from your payroll solution each time you pay your employees.
Watch this short video explaining the new reporting.
Download a copy of ATO Fact sheet outlining the process.
19 or less employees on your payroll:
Single Touch Payroll reporting is optional from 1st July 2018. The new payroll reporting is expected to expanded to include all business in 2019. While this is yet to be passed in parliament.
Please be aware once you switch to Single Touch Payroll you will be unable to change back. Consequently we do advise you seek advice from your tax agent
If you are still not sure how you will be affected by the new payroll reporting give our office a call on 0432 583 459 or email us at info@tax4u.com.au.
Our staff will be more than happy to walk you through it.