For a while now we have been hearing about the ATO’s (and other Government departments) planned move Standard Business Reporting (SBR). SBR is a quick way to prepare and lodge reports to Government directly from business accounting or payroll software.
The latest announcement in SBR is Single Touch Payroll. Under Single Touch Payroll, employer’s accounting software will automatically report payroll information to the ATO when employees are paid.
This will eliminate the need for employers to report employee-related PAYGW in their activity statements and employee payment summaries at the end of the year. You will also be able to lodge employee TFN declarations directly through your software (this is already available for some software).
Single Touch Payroll will be available from July 2016 – and no doubt there will be transitional arrangements in place for businesses depending on the number of employees.
Further information on SBR can be found here.
If you haven’t already, we would strongly recommend that you move to SBR enabled bookkeeping software in the near future. The developments in software are changing at a rapid rate and the efficiencies these new software can bring to your business is remarkable.
If you’d like to discuss your software needs – and whether you should be looking to upgrade – please contact your accountant.