The ATO has implemented Single Touch Payroll with the aim of streamlining payroll reporting for employers.
Employers with a headcount of 20 or more as at 1 July 2018 were required to have started reporting to the ATO through Single Touch Payroll.
For employers with a headcount of 19 or less, Single Touch Payroll Reporting is to be implemented by 1 July 2019; subject to legislation passing.
Single Touch Payroll aims to provide more regular reporting of payroll information to the ATO and to allow employees to more easily view their year-to-date tax and superannuation information through their MyGov Accounts.
The increased frequency of this reporting will not affect the due dates for paying PAYG Withholding and Superannuation obligations.
The majority of payroll software solutions (including Xero Payroll) will have this functionality available for use.
If you’re unsure whether your payroll software provider has enabled Single Touch Payroll or you require to transition to a payroll solution with this feature, please discuss this with your Quantum Partner advisor.
