Single Touch Payroll becomes a reality on 1st July 2019. This is what you need to do to make sure you are ready for it:
- Get your systems sorted
- By now, you should have made your choice as to how you are going to record your payroll payments (ie what sort of software you are going to use). We recommend Xero, but there are a number of other software providers that can do the same thing – try this link: Single Touch Payroll Software
- Setup your employees
- Once you have your software installed, setup your employees, their superannuation funds, leave balances, pay rates, dates of birth, award rates etc
- Do a couple of pay runs and iron out any bugs
- You don’t have to send the information to the ATO just yet, so it is okay if you make mistakes at this point. You can use info from a previous pay run and see if it all works out the same.
- Register with ATO
- If you are lodging your own BAS through the business portal or MyGov account, then you need to advise the ATO of the software’s SSID (software service ID). You can do this by calling the ATO and giving them the SSID or using the prompts in your payroll software to do it. If you opt to use the software prompts and you’re having trouble, try typing it all in capital letters…that seems to help.
- If your Accountant or Bookkeeper does this for you, you don’t need to worry…as they will set this bit up with the ATO.
See our previous blogs on the subject or the ATO website here: ATO Single Touch Payroll