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Saturday, 27 June 2015

Discussion open to employers regarding the new payroll reporting procedure

Single Touch Payroll is a new reporting system where employers are required to electronically report payroll and superannuation information to the Tax Office when employees are paid, using Standard Business Reporting-enabled software.

Single Touch Payroll will be available from July 2016 to streamline the employers’ reporting obligations by:

  • Providing a digital channel to simplify the process of completing tax file number declarations and Super Choice forms;
  • Notifying superannuation funds and government agencies, such as Centrelink, when an employee ceases employment; and
  • Eliminating the need to report employees’ PAYG withholding through activity statements and payment summaries.
Employers may be required to use or acquire appropriate payroll software in order to comply with Single Touch Payroll.

The Tax Office is asking employers and other stakeholders to provide comment on:

  • Transition arrangements;
  • Suggestions on how to minimise implementation and compliance costs; and
  • The potential for employers to remit employee PAYG withholding and the superannuation guarantee at the same time employees are paid.
For more information, click here.

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