As mentioned in past editions of S & W Insight, single touch payroll comes in on 1 July. Are you ready for it?
Employers with more than 20 employees will be required to provide real time reports to the ATO of all employee related payments (ie salary and wages, SGC contributions, ordinary time earnings of employees and PAYG withholding amounts).
The reports are to be provided to the ATO in the approved format. This should be done through your accounting software as most accounting software has been upgraded to satisfy the new ATO requirements. This new requirement makes no change to the due dates for payments.
If you are not sure what is required don’t hesitate to contact your client manager.
Kreston Stanley Williamson Team
*Correct as of June 2018
*Disclaimer – this article has been produced by Kreston Stanley Williamson as a service to 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 contained in this article, it is imperative you seek specific advice relating to your particular circumstances. Liability limited by a scheme approved under professional standards legislation.