The Australian Tax Office has
released more details about how businesses can begin preparing for Single Touch Payroll.
The ATO has stated STP will "align an employer's reporting with their natural business cycle process," reducing the amount of work to submit payroll and super information to the ATO.
For employers, this will mean information reported through STP will automatically feed into Business Activity Statements and they will no longer be required to provide Payment summary annual reports for some employees.
For employees, the ATO is proposing that Single Touch Payroll will provide year-to-date and end-of-year wage or salary information throughout the year via the MyGov portal. TFN declarations and super fund forms completed by new employees may also be made available electronically, with most information pre-filled and validated.
Employers with 20 or more employees will be required to start reporting through Single Touch Payroll from 1 July 2018.
Sybiz is not planning to ready Sybiz Visipay for participation in the voluntary 2017/18 pilot intake due to the well documented IT issues the ATO has recently faced and the current lack of complete clarity as to what will be required come 1 July 2017.
However, Sybiz Visipay will be fully compliant from the mandated reporting deadline.
We will continue to update users on how Single Touch Payroll may affect their business and compliance via Sybiz Visipay.
If you are a Sybiz Visipay user, we highly recommend you attend our
EOFY webinar for more details about upcoming changes to payroll reporting for the 2016/17 financial year and how we are preparing for Single Touch Payroll.