The Australian Taxation Office is enforcing a change from employers to provide Payroll information on their employees on a regular monthly basis.
All employers will be required to ensure that their payroll providers can provide them with software that meets single touch Payroll requirements as required by the Australian Taxation Office.
The purpose of the ATO is to ensure they are receiving reliable employee entitlement information. This will enable them to ensure that all Super Guarantee payments are being made on a timely basis.
It will also enable the ATO to, at some point in time, phase out the need for the preparation of employee group certificates.
As we have all seen elsewhere the ATO is requiring more real time information. This will enable them to ensure all employees receive their proper entitlements. It will also minimise the ATO’s fraud risk.
So, from April 2018, if you have more than 20 employees you will need to complete a head count of employees. You will also need to register for STP for July 1, 2018.
Employers having less than 20 employees will need to register for STP to commence from July 1, 2019.
If you need any assistance, or wish to discuss please give us a call or send an email via the contact form here.
For more details please refer to the ATO website:-