Single touch payroll is a regulation that changes when and how businesses report payroll activity to the Australian Tax Office (ATO).
The requirements have been I place since 1 July 2018 for business with 20 or more staff, but will be extended to ALL EMPLOYERS from 1 July 2019.
Currently, small businesses (19 employees or less) are required to report payroll activity to the ATO once a year. From 1 July you will be required to send this information to the ATO electronically using a very specific format EVERY PAYDAY.
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This information is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Financial Planning activities only are provided by Integrity One Planning Services Pty Ltd as a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 AFSL 225051. Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. Please consult your adviser, finance specialist, broker, and/or accountant before making decisions using this information.