From 1 July 2018 Single Touch Payroll will become mandatory for employers with 20 or more employees.
This new reporting requirement means that employers will have greater reporting obligations to the Taxation Office, including the reporting of superannuation and other payments at the time that employees are paid. This new change is mandatory from 1 July 2018 for those with 20 or more employees. From 1 July 2019 employers with 19 or fewer employees will need to comply with Single Touch Payroll.
What do I need to do now?
From September 2017 the Taxation Office will start contacting employers with 20 more employees to provide additional information regarding their new reporting obligations.
From October 2017 onwards new digital solutions will be released to help employers meet their obligations. Xero is already working behind the scenes to ensure Xero Pay Roll will meet the requirements. For employers that aren’t using Xero there will be a number of solutions that will become available in the next few months to ensure that payroll software will be able to meet the greater reporting obligation requirements.
Our office will provide future updates as more information is released about how employers can ensure they are ready for the 1 July 2018 due date.
If you have any questions about how Single Touch Payroll may affect you, please contact Olivia Fischer on 07 3233 6400.