1300 760 930 Customer Login
Login
Blog
Aug 2018

Single Touch Payroll

August 20, 2018
Capify Australia

What is single touch payroll?

Single touch payroll is causing quite a stir in the Aussie business world. But what is it and why is it important to be across it? We have put together a helpful guide on all things ‘single touch payroll’ so you can be fully versed in what this new tool means for your business.

 

Single touch payroll in summary

Essentially single touch payroll is the new ATO reporting system for Aussie businesses. The goal of this new system is to achieve:

  • On time payment to employees
  • Real-time monitoring and reporting to the ATO

 

Single touch payroll leaves the way businesses calculate staff payments exactly the same. Change kicks in at the moment your payroll is processed. Once your payroll processing is done, you send all required payroll information directly to the ATO – every time you run your payroll. That means the ATO receives up-to-the-minute reporting on:

  • PAYG withholding
  • Superannuation
  • Salaries and wages
  • Salary for return to work payments
  • Unused leave
  • Termination of employment

 

Sound tricky? It doesn’t have to be. Existing payroll systems like Xero and MYOB can have single touch payroll reporting built in, so the whole process can be streamlined and simple.

 

Who does single touch payroll affect?

Right now, as a small business owner, you can choose whether or not to bring single touch payroll on board in your business. Not so for larger businesses. From 1 July, all businesses with 20 or more employees must use single touch payroll to report to the ATO on all things payroll.

 

That said, single touch payroll is definitely worth considering. For starters, it goes a long way to free you up from time spent on administration and payroll, so you can spend more time on your business. Other benefits include:

  • Less paperwork
  • Simpler reporting obligations
  • Greater visibility of key payroll information

 

Another factor to consider is that the ATO is looking into rolling single touch payroll out as a reporting requirement of small businesses too. So getting your payroll program single touch payroll ready is a good move. Capify small business loans can help you with the costs associated with the transition to single touch payroll.

 

Or call 1300 760 930 to speak with one of our friendly Lending Consultants now.

More like this

Apr 2019

Keeping your business profitable during the peak trading season

April 17, 2019
Capify Australia

Small business peak trading is a dynamic and lucrative time. Set your SME up for peak profitability over small business peak trading periods with these handy hints. As you limber up to capitalise on enhanced retail activity, be sure to consider:   Staff penalty rates Small business peak trading sends […]

More
Apr 2019

How to take a break this Easter without your business falling apart

April 17, 2019
Capify Australia

Get funds and get a stress- and guilt-free Easter holiday. Many are looking forward to clocking off fully for the long Easter weekend. SME owners, must often consider how to juggle a break with business commitments. Are you contemplating sweetening up your Easter even more with a mini holiday? Here […]

More
Apr 2019

Are Australians workaholics?

April 17, 2019
Capify Australia

Aussie employees can turn their annual leave into cash. All they need to do is say no to taking holidays and cash in their annual leave instead. Not only can this leave staff tired and stressed out, it can also leave SME owners poorer of pocket. Fortunately for any SME […]

More
Blog

Apply anytime, anywhere

  • No application fee
  • No obligation
  • See how much you qualify for

Still have questions?

See our FAQs

Chances are someone else has had the same question and the answer will be in our FAQs.

Call us

Call us between
8:00am – 6:00pm (AEST) Monday – Friday

1300 760 930

Copyright © 2019 AUSvance LLC trading as Capify. All Rights Reserved.