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Australian Businesses Urged To Prepare For Payroll Reform

by Mary Swire, Tax-News.com, Hong Kong

07 March 2018


The Australian Taxation Office (ATO) is urging businesses with 20 or more employees to ensure that they are prepared for the rollout of Single Touch Payroll (STP) in July.

Under STP, employers will be required to report payments such as salaries and wages, pay as you go withholding, and superannuation information to the ATO directly.

From July 1, 2018, employers with 20 or more employees will be required to use STP. The system will be extended to all employers from July 1, 2019.

Assistant Commissioner John Shepherd said that many employers will be able to update their existing payroll software to a version that is STP-ready. The ATO recommends that employers talk to their software to find out how and when their product will be ready for STP and that employers who do not currently use software ensure they choose a product that offers STP.

Shepherd explained that some payroll software providers have asked the ATO for more time to prepare their systems for STP. He advised employers to "ask if their provider has been given a deferral which will cover them, and also check when their product will be updated to offer Single Touch Payroll reporting."

Shepherd described STP as "a game-changer for both employers and the ATO."

TAGS: tax | business | revenue guidance | employees | Australia | payroll | tax authority | social security | individual income tax

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