When you next run the Single Touch Payroll you’ll notice 2 new check buttons.
As a result there is a slight change to the procedure. You will need to select ‘New’.
The Update button is there for major corrections and should only be used in certain circumstances, none of which will arise in normal processing. We needed it to correct some salary sacrifice issues and decided to leave it in.
So, how is this Single Touch thing going. Information from the ATO, as at 14th July 2019:-
286,168 Employers are now reporting
9,406,383 Individuals
5,474,427 Pay Events
8.978.981 Income Statement views via myGov.
Lots of acronyms there, you have to love the ATO (Australian Tax Office). So in plain English,
if you have an employee who had a SFSS (Student Financial Supplement Scheme) debt,
you need to Untick the ‘Std FSS’ box and
TICK the HECS box.
The correct tax will then be calculated.
The fine print from the ATO:-
"The HELP/SSL/TSL tax tables will be renamed ‘Study and training support loans tax tables’. They will incorporate HELP, VSL, SFSS, SSL, ABSTUDY SSL and TSL. There will no longer be separate SFSS tax tables. These changes arise from the passing of the Sustainability and VSL Separation Bills in 2018."