Hayley Lock, David Sofrà, James Trainor and Stacey Biggar discuss the ATO's update on employer obligations under Single Touch Payroll.
Last week the Australian Taxation Office (ATO) released additional information on the website regarding employer obligations under Single Touch Payroll (STP).
The employer obligations guide addresses the following common questions that we have been hearing from employers:
As the mandatory start date for STP approaches (1 July 2018), employers should be discussing with their payroll provider when the software will be available and ready for testing to ensure there is sufficient time for an effective implementation.
Under STP, the ATO will have access to more payroll information than ever before. We are assisting many of our clients to undertake a review of their PAYG Withholding and Superannuation data and system configurations before they go live. This can provide a level of assurance to directors and senior executives that the additional payroll reporting will not result in questions around underpayments from the ATO.