From the 1st of July 2018, businesses with 20 employees must now have payroll systems that are single touch payroll compliant, if not you must apply for a deferral with the ATO.
What is single touch payroll?
- Basically, you shall report your payroll and superannuation information to the ATO at each pay run.
- Additionally, employees will eventually be able to complete Tax file declarations, Super and withholding information online.
What will it do?
- The aim is to remove the need for PAYG Payment Summaries (Group Certificates).
- PAYG Payment schedule and Superannuation payments will remain the same.
If you are unsure of your preparedness for this, please contact our office +613 9846 6542 or info@townshendassociates.com
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