What does Single Touch Payroll mean to me as an employee?

Do you often question whether your Superannuation is being paid?

Do you want to check what you have earned and how much tax you have paid?

Do you want easy access to your Income Statements at the end of the financial year, no matter who your employer is?

Your questions are easily answered with Single Touch Payroll (STP)!

All these questions can be effortlessly answered when your employer implements a Single Touch Payroll (STP) enabled solution. With STP, payment details are reported to the Australian Taxation Office (ATO) in "real-time" every time your employer processes your salary or wages. This means that you can conveniently access your myGov account to view and verify this information at any time, allowing you to stay informed and up-to-date regarding your financial records and tax obligations.

What does "real time" mean to me?

"Real-time" means that whenever your employer pays you, your Gross Wages, the taxes you have paid, and the Superannuation contributions calculated are reported to the ATO immediately, rather than 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 how much Superannuation has been contributed.

Are there any other benefits to me?

In addition, you will also have access to pre-filled forms, including Tax File Number Declaration (TFND), Medicare Levy Variation Declaration and Superannuation Standard Choice form, when you start a new job. Your Tax Return will also be pre-filled at the end of the financial year. There is no longer a need to wait for your Payment Summary from your employers.

A quick checklist;

Are you;

• Receiving Pay Slips when you get paid?

• Do you check that your Superannuation is being paid?

• 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 ask your employer if they are using a Single Touch Payroll enabled payroll system - https://softwaredevelopers.ato.gov.au/product-register

With Single Touch Payroll, you can put yourself in control of your pay.

What is e-PayDay doing for employees?

e-PayDay Pty Ltd is part of the consultative process and is involved in many Single Touch Payroll Working Groups with the Australian Taxation Office (ATO) to assist in introducing very positive benefits to employees and employers. We will help businesses transition to Single Touch Payroll by providing updates to e-PayDay® and introducing a range of new products. We are also involved in the Pilot for small businesses by introducing new products, which will provide significant cost-saving benefits.

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