Significant changes to the way small businesses report salary and wages, taxation and superannuation contributions to the Australian Tax Office are set to take effect on 1 July 2019.
AH Jackson & Co partner Ben Odgers said the new single touch payroll system allowed for direct reporting of information to the ATO when a business pays its employees and is designed to streamline the reporting process.
“All small businesses need to take action before 1 July to ensure they are compliant with the new ATO single touch payroll system and procedures,” Ben said.
“The system was implemented for large businesses with 20 or more employees on 1 July 2018 and now it’s time for small businesses to come online as well.”
Ben said AH Jackson & Co is able to advise all businesses, small and large, on how the best solution to comply with the single touch payroll system
“The single touch payroll system is mandatory, so the earlier you get it implemented into your business, the better,” he said.
“It’s important to remember that doing nothing is not an option.
“If you need help or advice on implementing the single touch payroll system in your business, we are here to help make the transition as smoothly as possible.”
For more information, feel free to call us or go to www.ato.gov.au/STP.
If you would like to discuss any of the above measures please feel free to email your AHJ contact or enquiries@ahjackson.com or call (07) 3253 1500.