Single Touch Payroll, is on the way. You can relax for a year if you have less than 20 employees, but for those with more than 20 employees the fun starts on 1st July this year.
Single Touch Payroll changes the way employers will report their salary and wages, pay as you go (PAYG) withholding and superannuation information. Employers will now be required to report PAYG and super after each payroll has been processed, rather than reporting monthly or quarterly as it was previously.
The idea is that it will enable the ATO to ensure everyone’s tax and super is being paid on time. Even if you are a sole director/employee, who to this point has (unofficially) been able to be a bit more casual on the reporting side.
All the major software providers eg MYOB, Reckon, Xero, Sassu will have modules within them to assist with the process. I will be trained on all of them, and will be here to help anyone who needs assistance with the process.
However, if you are still trying to run your accounts using out of date software or an excel spreadsheet, it really is time to upgrade. Call me to discuss your options sooner rather than later.
1st July is always a perfect change over date for upgrading your software.
Lindsay 0413 952 180