Single Touch Payroll
The Government has announced that it will simplify tax and superannuation reporting obligations through ‘Single Touch Payroll’.
Under Single Touch Payroll, employers’ accounting software will automatically report payroll information to the ATO when employees are paid.
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.
The Government stated that Single Touch Payroll will be available from July 2016, and transition arrangements will be the subject of consultation with the business community early in 2015.