Are you ready for Single Touch Payroll? Single Touch Payroll was recently introduced by the Australian Taxation Office to change how and when small businesses report their payroll activity, such as salaries and wages, super information and PAYG withholding. Previously businesses were required to report payroll information to the ATO on a monthly or quarterly basis, however, with the introduction of Single Touch Payroll, employees are now required to report this information digitally after each payday.
What does Single Touch Payroll mean for my business?
One of the key changes Single Touch Payroll has introduced to reporting is the requirement for this to be done digitally. Many employers are still using paper or spreadsheets to manage timesheets and payroll; however, with Single Touch Payroll introducing more streamlined and transparent reporting to the ATO, this will soon become obsolete.
If you are already using online payroll software, great, just make sure that it can produce ATO-compliant reports. If your business is using desktop software to process payroll, you will need to find a service that can upload your payroll reports, convert them into the ATO-required format and submit them on your behalf. If your business uses spreadsheets or paper in your payroll systems, you will also need to find a service that can upload your payroll reports, convert them into the ATO-required format and submit them on your behalf.
How can a time and attendance system help me report for Single Touch Payroll?
Digital timesheets and time and attendance systems not only saves precious time and money for businesses, but soon they will be mandatory with the introduction of Single Touch Payroll. If you have been thinking about introducing time and attendance software to your business, now is the perfect time to do so, so you are ready for the roll-out of Single Touch Payroll.
At Aussie Time Sheets, we offer easy and effective time and attendance systems to simplify and streamline your payroll processes. No matter the size of your business, our time and attendance systems can track employee work hours to the minute, generate digital timesheets, automatically generate overtime, sick leave, public holidays and annual leave, and seamlessly integrate to your payroll system. Not only will this save you time and money by reducing your cost of administrative tasks, but it will ensure you have accurate information in a digital format, ready to be quickly and easily reported to the ATO through Single Touch Payroll.
Want to know more about Single Touch Payroll and how time and attendance systems can help my business?
It is now currently compulsory by Australian law for businesses employing 20 or more employees to use Single Touch Payroll. Single Touch Payroll is expected to be introduced to all employers from the 1st of July 2019.Single Touch Payroll reporting changes will roll around before you know it, so it’s important to make sure you are ready now. Don’t waste time in making sure your business is across the new processes required for Single Touch Payroll, contact the friendly Aussie Time Sheets team today to discuss implementing a time and attendance system to your business.
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