What does Single Touch Payroll mean to me as an employee?
Do you often question whether your Superannuation is being paid correctly or paid at all?
Do you want to check what your have earned and how much tax you have paid?
Do you want easy access to your Payment Summaries at the end of the financial year no matter who your employer was?
Your questions will be easily answered!
All of these questions will be easily answered when your employer is using a Single Touch Payroll enabled solution. Because Single Touch Payroll reports in "real time" to the ATO every time you are paid by your employer, you can easily check your myGov account to access this information.
What does "real time" mean to me?
"Real time" means that every time you are paid by your employer, your Gross Wages, the Tax you have paid and the Superannuation that has been calculated is reported to the ATO immediately, not at the end of the financial year. You can check at any time how much you have earned, how much tax you have paid and much superannuation has been paid.
Are there any other benefits to me?
In addition, you will also have access to pre-filled forms including Tax File Number Declaration and Super Choice when you start a new job. Your Tax Return will also be pre-filled at the end of the financial year. No need to wait for your Payment Summary from your employers.
A quick check list;
Are you;
Receiving Pay Slips when you get paid?
Do you check that your Superannuation is being paid correctly?
Receiving the correct amount of pay?
To assist you as an employee;
Check with Fair Work - https://www.fairwork.gov.au/,
Access your myGov Account - https://my.gov.au/,
and check that your that your employer is using an Single Touch Payroll enabled payroll system - http://www.absia.asn.au/
With Single Touch Payroll you will be able to put yourself in control of your payroll.
What is e-PayDay doing for employees? 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.