Tax accountants play a crucial role in the upcoming changes introduced by the Australian Taxation Office (ATO) regarding the reporting of tax and super information by employers. Starting from 1 July 2018, the implementation of Single Touch Payroll will become mandatory. Although there is still a six-month window before this requirement takes effect, it is vital for individuals to proactively prepare for this change by seeking assistance from a tax accountant and taking necessary steps in advance.
If you have 20 or more employees, you need to start using Single Touch Payroll-enabled software to report your
- pay-as-you-go withholding
- super information
- payments to employees, such as salaries and wages
You must simultaneously send this information to the ATO as you pay your employees. This can be outsourced either through us or a payroll service provider. The providers are updating their products and services to enable them to become Single Touch Payroll-enabled.
We will keep you informed until 1 July 2018, so watch this space on what you must do.
In the meantime, below is a link to a simple video from the ATO explaining what will be needed.
Kreston Stanley Williamson Team
*Correct as of December 2017
Disclaimer – Kreston Stanley Williamson has produced this article to serve its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas in this article, you must seek advice about your circumstances. Liability is limited by a scheme approved under professional standards legislation.