What do I need to do?
Single Touch Payroll reporting will take effect from 1 July 2019.
All necessary payroll information, such as wages & salaries,
(PAYG) withholding and super information, will be reported to the ATO
when you pay your employees.
If you have existing payroll or accounting software, it should offer updated ‘Single Touch Payroll’ reporting. However, if it’s not an option speak to your software provider or Boox for when their product will be ready.
What does it mean?
What you need to do
Single Touch Payroll (STP) is a tax and super information reporting change that all employers must adhere to by 1 July 2019.
The new ‘real-time’ reporting method via STP will send employee tax and super information direct to the ATO each time you are paid.
This change will have little effect on employees directly. However, there are a few changes to be aware of.
What does this mean for you?
Year-to-date tax and super information will be available to you through myGov.
Payment summaries will be available in myGov
You can check if your super has been paid.
Boox the Bookkeeping Experts are specialists in all bookkeeping fields and are available to help you understand and implement these changes. Contact us to help you make the transition.