Sybiz has released Sybiz Visipay 17.20 - the version that completed the Australian Taxation Office's whitelisting process for Single Touch Payroll (STP) compliance.
Single Touch Payroll
is a new reporting requirement for Australian businesses, with those employing 20 or more staff needing to commence reporting through STP from 1 July 2018. In simplistic terms, STP involves reporting similar information to that which was reported once per year through payment summaries - except businesses now need to report this information each time they process pays.
Finance and Services Director Ben O’Brien says Sybiz has taken great care in building an STP reporting facility, taking into consideration feedback from employers and industry leaders.
“Our aim in implementing a Single Touch Payroll solution for Sybiz Visipay customers was to make the process as unobtrusive as possible.”
Sybiz has held multiple webinar sessions to directly communicate to our customers what Single Touch Payroll means for them, and how Sybiz Visipay
is helping to manage those obligations. Comprehensive STP resources
for Australian businesses are also available from the Sybiz website.
Employees will benefit from seeing their year to date payroll information via the MyGov web service and may also benefit from better pre-filled information flowing through to their tax returns. All Australian taxpayers will benefit from the anticipated improvement in general compliance with payroll obligations.