Single-touch payroll - Are you ready for 1 July?

Australian Taxation Office © Boating Industry Association of Australia

The ATO's new payroll reporting system comes into effect from 1 July for many businesses.

This requires employers to report information such as salary and wages, pay as you go (PAYG) withholding and superannuation to the Australian Taxation Office via a Single Touch Payroll-enabled system at the same time as they pay employees. Businesses can also ask a third party, such as a payroll service provider or tax accountant, to report on their behalf through an enabled service.

NSW Business Chamber reports that 75% of businesses aren't ready for the roll-out of system and recommends reviewing these important steps to get ready...