The Australian Government is changing the way employers report tax and super information.
Businesses with 20 or more employees need to start using Single Touch Payroll enabled software from 1 July this year or face possible penalties.
If this applies to your business, enabled software should be used to report:
- Payments to employees such as salaries and wages.
- Pay as you go (PAYG) withholding.
- Super information.
Businesses can use a third-party provider such as a tax professional or payroll service provider on their business’s behalf and payroll, with service providers updating their products over the last few months. If you use a payroll or service provider when paying employees, they should notify you when they are Single Touch Payroll enabled.
MTA members are encouraged to contact their tax professional or payroll service provider as soon as possible to prepare for Single Touch Payroll as there are penalties in place for businesses not doing the right thing.
You can read more about Single Touch Payroll and how changes will have an impact on your business by clicking here.
If you require additional information about how Single Touch Payroll will have an impact on your business, contact the MTA’s Workplace Relations team by clicking here.