You should only have to make minimal changes to your current business processes. The whole idea behind Single Touch Payroll is to streamline your existing payroll process and reduce the administration burden. As a result, there will be simpler reporting obligations.
So what is going to be different for my Business?
You will be able to report pay as you go (PAYG) withholding and superannuation information directly to the ATO at the same time you pay your employees.
When you pay your Superannuation contributions to your nominated funds, this information will also be sent to the ATO.
Payment summaries will no longer be required to be issued to employees at the EOFY. This will greatly reduce the administrative burden at this already hectic time of the business year. The YTD information will be available to your employees through their myGov account. The ATO will already have real-time information about your employees’ salaries or wages every time you pay them.
You can easily start employees by accessing their Tax File Number Declaration (TFND) and superannuation standard choice forms online. This information will be prefilled when adding employees, greatly streamlining the onboarding of new employees.
You will no longer have to manually report PAYG withholding information to the ATO separately on your BAS.
Single Touch Payroll will have a minimal impact when using well-designed payroll software.
A thoroughly designed payroll system should have minimal impact on your natural business processes with the introduction of Single Touch Payroll. In fact, it should just make your business life easier.
e-PayDay Pty Ltd is part of the consultative process and is involved in a number of Single Touch Payroll Working Groups to assist in the introduction of very positive benefits to employees and employers. We will be helping businesses transition to Single Touch Payroll by providing updates to e-PayDay and a range of new products. We are also involved in the pilot for small businesses, which will introduce new products that will provide major cost-saving benefits.
The information provided in this post is general knowledge and serves as commentary. Your situation is not considered, and the contents should not be deemed legal, financial, or professional advice. You should evaluate whether this information meets your needs and, if necessary, seek independent professional guidance. The information is accurate only at the time of publication. While every effort has been made to verify the accuracy of the details on this webpage, e-PayDay Pty Ltd disclaims, to the extent permitted by law, all liability for the content presented or any loss or damage incurred by any individual directly or indirectly from relying on this information.
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