The 19/20 End of Financial Year will mark the close of the second year of Single Touch Payroll
, but also the next phase of this important payroll legislation.
Single Touch Payroll has been introduced by the Australian Taxation Office as a new system for reporting payroll data every pay run, effectively replacing Payment Summaries.
However, as the ATO has seen continued success from this initial rollout, it is now planning to expand the scope and utility of Single Touch Payroll.
Dubbed “Phase 2,” the ATO is seeking to make this next stage a revolution rather than an evolution.
While the ATO has not finalised all aspects of Phase 2, the currently developing framework would:
- Collect more granulated payroll data from business and employees
- Replace current TFN Declarations
- Improve compliance data sharing with other government departments
And potentially more as plans progress.
Employers do not yet need to take action to prepare for Phase 2 however Sybiz will be regularly updating customers as more details become available.
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