Single Touch Payroll reporting obligations will commence 1 July 2018 for employers with 20 or more employees.
BUSSQ held a series of seminars with experts from the Australian Taxation Office (ATO) during May 2018 to provide the latest on this upcoming change.
Watch a recording of our seminar with guest speakers from the ATO for details on what you need to do for this new reporting system.
From 1 July 2018 you will need to report payments such as salaries and wages, withholding and super information to the ATO directly from your payroll solution at the same time these payments are made to your employees.
We strongly urge you to speak with your existing payroll provider to ensure that your current systems and process will be compliant with these new reporting obligations on 1 July.
The ATO has developed a number of resources to assist you with ensuring your business is ready for these changes. As a starting point, we strongly encourage you to read the ATO Single Touch Payroll Factsheet and the Single Touch Payroll get ready checklist.
Lastly, we suggest you check the ATO’s Single Touch Payroll site regularly, as updates are posted here frequently.
It is also worth keeping in mind that even if your business does not fall under the Single Touch Payroll reporting obligations this year – all employers will be required to comply with standards from 1 July 2019.
Contact your dedicated BUSSQ Account Manager if you require anymore information.