Single Touch Payroll Get Prepared, It's Coming!!!!
Single Touch Payroll is coming on the first of July 2018 to those who employed 20 or more employees.
I have listed below a full account of what is required in order to meet the obligations of SINGLE TOUCH PAYROLL that comes into operation on the first of July 2018 for those businesses that have 20 or more employees.
Note Aspire Now will be in touch with you if you fall into this category that will be required to report on the first of July 2018. All other business less than 20 will not come into operation until the 1st July 2019 (Still needs to be ratified by Parliament)
Note the ATO is basically taking control of the payroll system using current technology as it develops to ensure WE ALL REMAIN COMPLIANT.
So on the 1st of July 2018 if you employ 20 or more employees (Note it is not full time employees , they can be casuals, part timers or even contractors that fall into the employee definition) then you will be required to fulfill your obligations under this new legislative act with the ATO.
Most of you are MYOB Account Rights users as this is the main software Aspire Now endorses, and as a consequence the software is fully ready for this new compliance requirement. Other Software which Aspire Now are also experts in such as Xero, Quick-books and Reckon are also ready to meet this compliance requirement.
Aspire Now is fully up to date on this and many other changes that will affect you in the future .
Aspire Now can train you on the changes or make it very easy and have it all set it up for you , so when the first of July 2018 comes along all you do is press the button and send the data to the ATO on a regular basis depending on your pay runs.
Note this will provide the ATO the necessary information on who you are paying and how much you are paying them (categories) so that they can have Payment Summary Data already by the end of the financial year.
In order for you to come to understand the changes that we are about to take effect either on the 1st July 2018 (20 or more employees) or the 1st July 2019 (All others) there are two videos that give you the details of the system and the basics of how it works.
I have also provided information how the various payroll categories will need to be set up on your Accounting/Payroll Software in order to ensure it all reports correctly to the ATO.
Before you can report payroll and super information to the ATO, you need to assign an ATO reporting category to your payroll categories.
This includes wages, allowances, deductions and superannuation categories. The ATO category indicates the type of payment you're reporting
(is it a gross wage amount or an allowance?) While it's similar to how categories were assigned to payment summary fields, there are
important differences. For example, some ATO reporting categories have been renamed and you now need to report superannuation amounts. Below
is a summary of the new ATO reporting categories. To help you assign the right category, we've included a comparison to the previous payment
summary reporting fields. Before you get started, make sure you've checked your payroll details for Single Touch Payroll reporting. Need
help to assign ATO reporting categories? Note that we can only provide general information. If you're unsure of what's appropriate for you,
we recommend talking to us at Aspire Now. You can also see the ATO guidelines for more information.To assign ATO reporting categories Go to
the Payroll command center and select Payroll Reporting . Select View Payroll Categories. A list of your Wages categories appears.
The ATO Reporting Category column shows the category assigned.The default category assigned is Not Re-portable. This category is rarely used, so make sure you update all payroll categories. Double-click a category to open it. Select the appropriate category from the ATO Reporting Category list. Click OK. Repeat for all wage payroll categories. Select the Superannuation tab and repeat the steps to assign categories. Repeat for all categories in the Wages, Superannuation, Deductions and Tax tabs.Don't forget to assign categories to your superannuation categories! Wages Superannuation Deductions Taxes.
NEED HELP ASSIGNING ATO REPORTING CATEGORIES.
Note that we can only provide general information. If you're unsure of what's appropriate for you, we recommend talking to us at Aspire Now. You can also see the ATO guidelines for more information.
Using MYOB Account Rights Software V2018.1
NOTE: Other Accounting software will have similar instructions If you unsure, please ask Aspire Now for assistance.
Watch link to know more.
If you need any assistance please do not hesitate to call me or the Aspire Now team on 07-38998062.
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