Author: Kana Mizue | Senior Accountant Date Posted: 29 January 2015
The ATO recently announced the introduction of 'Single Touch Payroll'. From July 2016, when employees are paid using Single Touch Payroll, the payroll information is automatically reported to the ATO.
This eliminates the need for Business Owners to report PAYG Withholding in Activity Statements and issue Annual Payment Summaries. The processing of Tax File Number declarations and Super Choice forms will also be streamlined.
This initiative builds on the Federal Government's investment in Standard Business Reporting (SBR) which was introduced in 2010 to simplify business reporting obligations for employers. SBR is built into accounting software such as Xero.
The great news for Business Owners is simple tax and superannuation reporting obligations means less time spent filling out forms and more time to focus on growing their business.
Call Consolid8 on 1300 222 353 to discuss how you will benefit from the Single Touch Payroll system or converting your accounting system to Xero.
