How a Timesheet System Can Ensure You Comply with Single Touch Payroll Reporting
Single Touch Payroll has recently been introduced by the Australian Taxation Office to change how and when businesses report their payroll activity. Instead of being required to report payroll information to the ATO monthly or quarterly, small businesses will now be required to report this information digitally after each pay period.
How Do I Make Sure My Business Complies with Single Touch Payroll Requirements?
Currently it is only compulsory by Australian law for businesses with 20 or more employees to use Single Touch Payroll, however, it will be introduced to all employers from the 1st of July 2019. There are a number of common mistakes that businesses make with payroll, and with the introduction of Single Touch Payroll just around the corner, it is important to ensure your payroll processes reflect best practice now.
Some of the most common mistakes businesses make when it comes to payroll are unintentionally paying employees below the award rate, incorrectly allocating payroll related transactions in their accounting system, incorrect withholding of PAYG missed employee entitlements and poorly or incorrectly managed salary sacrifice arrangements.
It doesn’t matter whether you have 2, 20 or 200 employees, correctly managing your payroll is not only crucial to maintaining a happy and efficient workforce but soon it will be even more important to ensure you comply with Single Touch Payroll requirements.
How Will a Digital Timesheet System Help My Business Comply with Single Touch Payroll Reporting?
One of the key changes Single Touch Payroll has introduced to the way businesses report is the requirement for this to be done digitally. Employers who are still using paper or spreadsheets to manage timesheets and payroll will soon need to implement software that can produce ATO-compliant reports. At Aussie Time Sheets, we offer easy and effective time and attendance management systems to simplify and streamline your payroll processes, not only saving you time and money but ensuring you comply with Single Touch Payroll requirements too.
Our time and attendance management systems can track employee work hours to the minute, generate digital timesheets, automatically generate overtime, sick leave, public holidays and annual leave, and then seamlessly integrate and send this information to your payroll system. Not only do time and attendance management systems save your business time and money by reducing your cost of administrative tasks, but they ensure that all of your payroll information is in a digital format and ready to be quickly and easily reported to the ATO through Single Touch Payroll.
With an Aussie Time Sheets time and attendance management system you can always have peace of mind that you are paying your employees the correct award rate, complying with local labour laws and are not losing precious money and employee hours to time theft.
Want to know more about Single Touch Payroll and how can a time and attendance system help my business?
Single Touch Payroll will be here before you know it, so don’t waste any time in ensuring your business is across the new processes required. Contact the friendly Aussie Time Sheets team today to discuss implementing a time and attendance management system to your business.
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