07 May Time to start using Single Touch Payroll – It’s now the law
February has seen Australian lawmakers pass legislation that requires even the smallest of employers to electronically file each pay run with the
tax office using Single Touch Payroll, starting July 1.
There’ll be no more paper forms for reporting your payroll activity to the ATO. You’ll need to submit the information online, using a specific format known as SBR (Standard Business Reporting).
Many employers still use a combination of spreadsheets, ATO paper tax tables and Post-it notes to process payroll. They have yet to embrace cloud-based solutions that save time and simplify their lives. In fact, some 90,000 micro-businesses use no software at all, according to the ATO.
So if you still haven’t made the switch here’s what needs to happen:-
This is a good opportunity for those businesses to upgrade their systems and by doing so improve their efficiency.
If you need further explanation or assistance implementing these changes please call us.