Are you ready for Single Touch Payroll?
From 1st July 2018
Single Touch Payroll starts and will be mandatory for all employers that have 20 or more employees
From 1st July 2019
Single Touch Payroll starts for ALL employers and will be mandatory (under 20 employees)
By then your software provider should be ready to be compliant to this new ATO rule.
- The employer pays employees using their Payroll software.
- A payslip is generated + bank file is transferred.
- The employee receives payment of their wages.
- The ATO receives this information, (wages, tax, super) and they match it to the employer/employee account.
By the end of the financial year, there will be no more payment summaries (group certificates) issued from the payroll software.
The employee has to then contact the ATO for a MyGov account to log in and receive their own Payment summary for their year end tax return.
Need help with this? Contact me.