The ATO is encouraging small employers (with 19 or less employees) across the Bunbury region to follow the nearly 45,000 Australian employers who have been successfully reporting through Single Touch Payroll since July 1, 2018.
These employers are now reporting their employees’ salaries and wages, pay as you go withholding, and super information to the Australian Tax Office from their payroll solution each time they pay their employees.
Australian Tax Office Assistant Commissioner John Shepherd said small businesses can choose to get on board when their software is ready.
“If you use online or cloud-based payroll software, you may be able to start reporting now by updating your software to one that is single touch payroll-ready,” he said.
Mr Shepherd reassured smaller employers that a number of different single touch payroll reporting options will be made available to them.
“The Australian Tax Office works closely with small businesses and we are aware of the many competing pressures they face,” he said.
“We will work with all stakeholders on alternative options for those businesses who do not use payroll software.”
Tens of thousands of employers across Australia have already taken the next step in payroll reporting and adopted single touch payroll and we’re encouraging small employers to follow this lead when their product is available.
- Australian Tax Office Assistant Commissioner John Shepherd
In Bunbury, small employers account for 87 percent of all businesses, with 62 per cent of regional employers being micro businesses with between one and four employees.
As a result of businesses transitioning to single touch payroll reporting, the Australian Tax Office now has access to employee superannuation data allowing it to better protect employee entitlements.
Employees can also see their year-to-date tax and superannuation information online in real-time via MyGov.
“Single touch payroll is a win, win for employers and employees because it streamlines the process for employers and provides greater transparency around super entitlements for employees,” he said.
"Tens of thousands of employers across Australia have already taken the next step in payroll reporting and adopted single touch payroll and we’re encouraging small employers to follow this lead when their product is available.”
Visit ato.gov.au/stp for more information.
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