It’s official, we are now have approval from the ATO to start rolling out Single touch Payroll. This means you will be getting a visit from us very soon to apply the upgrades, do the training, and get you on the STP bandwagon.
It is very important that you spend some time cleaning up your payroll before this occurs. Pay particular attention to Tax File Numbers, birth dates, termination dates as well as the superannuation details.
Please do this early, having to do it whilst we are on-site is going to compress the time available to get your business compliant with the new legislation.
Remember you will not be required to provide payment summaries to your employees, as the ATO will already have the data. So no more Group Certificates.
The ATO will pre-fill individual tax returns with the payroll information.
The ATO will make the payroll information available to employees all year through myGov.
Your BAS statement will be also pre-filled with W1 and W2.