Single Touch Payroll
Single touch payroll is almost here for employers with more than 20 active employees. Essentially, the new scheme requires employers to report their wages information including super to the ATO every time a payroll is prepared. We have contacted all our regular clients who will be affected by this new scheme.
Xero have informed us that they are on track to have this ready for a 1 July 2018 start, and will be rolling this out for employers in a staged manner. The ATO have provided Xero with a Deferral (No. 49410109) which covers all Xero users reporting until December 2018. Essentially when an employer uses the new system for the first time, it will also report all previous payruns to the ATO, so there is no panic required to ensure compliance immediately post-1 July 2018.
We will continue to work with employers as this is rolled out. For all other smaller employers, compliance is required by 1 July 2019, however you can choose to opt-in earlier if you want, however, we won’t be prioritising the rollout for smaller employers during the first few months of the new financial year as will be focusing on compliance for larger employers first.
Further information regarding Single Touch Payroll can be found via this ATO website link
Tashly Consulting Xero Bookkeepers Adelaide are Registered BAS Agents #86318001 and we are dedicated to providing seamless, high-quality, transparent bookkeeping services – If you would like any further information please contact us via telephone (08) 8121 4424 or via email.
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Disclaimer: All or any advice contained in this blog/newsletter is of a general nature only & may not apply to your individual business circumstances. For specific advice relating to your specific situation, please contact your accountant or other professional adviser for further discussion.