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 to reduce the administration burden. As a result of Single Touch Payroll there will be simpler reporting obligations.
So what is going to be different for my Business?
You will be 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 administration 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 the information in real time about your employees’ salary or wages every time you pay your employees.
You will be easily able to start employees by accessing their tax file number (TFN) declaration and superannuation standard choice forms online. This information will be prefilled when adding employees which greatly streamlines onboarding of new employees.
You will no longer have to manually report PAYG withholding information to the ATO separately on your BAS.
A well designed Payroll system should have a minimum impact on your natural business processes as a result of 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 to transition to Single Touch Payroll by providing updates to e-PayDay® and providing new a range of new products. We are also involved in the Pilot for small business with the introduction of new products which will provide major cost saving benefits.