Payroll and super – making reporting easier
From July 2016, the Australian Taxation Office's (ATO) Single Touch Payroll system will be available for you to report on tax and super for your employees. To help make the transition easier for business, the ATO would like to hear your views.
What is the Single Touch Payroll?
The Single Touch Payroll aims to make reporting on tax and super for staff easier by:
letting you electronically report payroll and super information to the ATO at the same time you pay your employees
allowing tax file number declarations and Super Choice forms for new employees to be submitted digitally
automatically notifying super funds and other relevant government agencies when an employee ceases employment.
Have your say
A Single Touch Payroll discussion paper has been released, and you're invited to have your say on issues such as:
how to move businesses over to the new system
how to reduce the costs of putting the new system in place
what impacts the Single Touch Payroll will have on your business (e.g. how will making employee payments, such as pay as you go withholding (PAYG) and super, at the same time you pay employee wages impact your business's cash flow balance)?
To read the discussion paper and submit your feedback , head to the ATO's Let's talk website.
Submissions close 6 March 2015.