The Tax Office is urging employers with 20 or more employees to prepare for the introduction of Single Touch Payroll.
From 1 July 2018, Single Touch Payroll will be introduced requiring employers to report their employee’s tax and super information to the ATO through Single Touch Payroll approved software.
Employers will report each time they pay their employees, i.e., weekly, fortnightly or monthly. The information that will be reported includes withholding amounts, superannuation liability information or ordinary times earnings (OTE) and salary, wages, allowances and deductions.
Employers must prepare by organising the following:
* Determine how many employees they have as of 1 April 2018 to check if there is 20 or more. If numbers drop down to 19 or less, you will still continue to report through Single Touch Payroll unless you apply for and are granted an exemption.
* Talk to your software provider about how and when your product will be ready.
* Those without a software provider will need to find a provider that offers Single Touch Payroll.
* Update your payroll software when it’s ready.
* Start using Single Touch Payroll.
Employers with 19 or less employees have until 1 July 2019 to prepare, however, they can start reporting as soon as their software is updated.
How we can help?
If you require any assistance or wish to discuss the above changes further, please do not hesitate to contact our office.
Susan Flux, Brisbane
Since that time I known Tony and his team at Lee and Lee, they have provided me with outstanding advice and services regarding my personal, family and especially my SMSF borrowing setup for wealth creation and tax reduction strategies that have since led to financial independence.
I now very clear and feel confident on my future financial goals and taxation strategies and know they can be achieved with Tony’s expert and professional help.
Shukri Barbara, Property Tax Specialists Sydney
Tony’s understanding of the business and tax environments, together with his experience and can do attitude enables him to deliver creative solutions outside the square as much as inside, A positive thinker I find Tony inspiring, guiding clients and associates to a prosperity mindset.
Tony has impressed me with his technical knowledge and execution. He works with honesty and integrity and is generous in his dealings.
John Mu, Internet Marketing Strategist Gold Coast
Tony Lee and his team at Lee & Lee is without a doubt Australia’s number one accounting firm.
Tony has the strategies which are helping me legally minimise tax. He has helped me in my personal development and wealth creation to build a multimillion dollar property portfolio.