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What is Single Touch Payroll?
Single Touch Payroll is an ATO requirement which will change the way you report payroll payments, including:
- salaries and wages
- pay as you go (PAYG) withholding
- superannuation information
It’ll simplify your ATO reporting because you’ll be able to do it directly from your payroll software at the same time as you pay your employees.
This means you’ll be able to meet your ATO reporting obligations at the same time you pay your employees, instead of running a separate process.
It will also make EOFY a breeze because you’ve already reported your payroll activity throughout the payroll year.
Learn more about Single Touch Payroll on the ATO website:
What do I need to do?
Right now, you don’t need to do anything. The ATO is still testing Single Touch Payroll functionality with a limited number of businesses.
On 1 April 2018 count your employees. This is based on a headcount – not the full time equivalent (FTE).
If you have 19 or fewer employees, you can choose to report through Single Touch Payroll.
If you have 20 or more employees, you’ll need to implement Single Touch Payroll by 1 July 2018.
Your payroll cycle won’t change. It simply means that when you complete a pay run, the earnings, tax and super information for each employee will be sent to the ATO.
What is MYOB doing?
MYOB is working closely with the ATO to ensure you remain compliant in advance of the 1 July 2018 deadline.
For the latest info on Single Touch Payroll, check our website (myob.com/STP).