ATO announces Single Touch Payroll system will be introduced in July
The Australian Taxation Office (ATO) has announced that Single Touch Payroll will be starting from 1 July 2018 for employers with 20 or more employees.
Single Touch Payroll has been designed to streamline business reporting and save time and resources for companies at the end of the financial year by requiring each pay run to be reported. Employers will report payments such as salaries and wages, pay as you go (PAYG) withholding and superannuation information from their payroll solutions each time they pay their employees. This could be weekly, fortnightly or monthly.
The Single Touch Payroll will be expanded to include employers with 19 or less employees from 1 July 2019, subject to legislation being passed in parliament.
The ATO has created a new information portal for Single Touch Payroll that outlines how businesses can prepare for the change.