Single Touch Payroll for streamlined reporting
From 1 July 2018, employers with 20 or more employees will report payments to the Australian Taxation Office at the same time as they pay their employees, using the Single Touch Payroll reporting system.
This reporting system will keep track of payments such as:
- Salary and wages
- Super contributions
- Deductions, e.g. workplace giving
- Pay as you go (PAYG)
The introduction of this new reporting measure does not incite changes to an employer’s payroll cycle; you can still make payments as you were, i.e., weekly, fortnightly, monthly, etc. When you do make these payments, the super and tax details of employees will be passed on, creating a more streamlined approach to make reporting and compliance more manageable.
For businesses with less than 20 employees, the single touch payroll reporting system will be in place by 1 July 2019.