This financial year, the Australian tax office has announced changes to the way employers report their payroll information.
Starting 1st July 2018, employers with more than 20 employees will be required to use single touch payroll, and the same requirement will be implemented for ALL employers as of 1st July 2019 (regardless of your business size).
But what exactly is single touch payroll you ask? Well, here’s how it works.
You know that accounting software that you see TV ads bangin’ on about? Well, pretty much all employers are going to need to get themselves a package. So it might be worth not changing the channel when you see the ads come on!
With the new rules, using these software’s, each pay cycle all employers will be required to enter a pay run (most people are already doing this). Once the pay run is processed, the software automatically sends the tax and super liability information to the ATO, so there is no cutting corners!
What this means for you? If you don’t have an accounting software package (such as MYOB), it’s time to get one! Contact us as soon as possible and we can help get you up and running to ensure you meet your employer obligations.