I have recently read in a tax newsletter, that the government will be simplifying tax and super reporting from 1 July 2016, by introducing Single Touch Payroll. Under this system, an employer's accou...
Greetings all, MYOB have been heavily involved in the discussions, design and collaboration with the ATO on how his system is going to be implemented.
The Institute of Certified Bookkeepers which I represent, has also been very involved in these discusssions. The Ato has been listening and taking into account most of what we have been saying to ensure a logical implementation.
Single Touch Payroll first effects Employer's as of 1 April 2018 when they must establish whether they are a substantial employer (20 or more employees) and if so then they must be in a STP compliant system by 1 July 2018. Anybody can "opt in" earlier when their system allows them to.
in the mean time there is no rush. The ATO isn't ready yet either.
I am am confident that MYOB will be ready when they need to be.
for full information icb has information available at www.icb.org.au/singletouchpayroll