On 28 December 2014, the Government announced it will cut red tape for employers by simplifying tax and superannuation reporting obligations through Single Touch Payroll.
Single Touch Payroll means employers will be required to electronically report payroll and super information when employees are paid. They will need to do this using Standard Business Reporting-enabled software.
This will eliminate the need for employers to report employee-related pay as you go withholding (PAYGW) in their activity statements throughout the year and employee payment summaries at the end of the year.
Single Touch Payroll will also provide digital services to simplify the process of bringing on new employees.
Single Touch Payroll will be available from July 2016.
Whilst this seems a fair way ahead, please do not hesitate to contact us at CMB Services in Bendigo for your payroll and bookkeeping needs.