South West businesses reminded to get on board with Single touch payroll
Small businesses in the South West are being reminded to start using the single touch payroll system by the start of next month by the Australian Taxation Office.
While many bigger businesses have already adopted the new reporting system, those with fewer than 20 employees had been given more time to make the change.
RSM senior accountant Mike Letchford said he spent a lot of time helping businesses make the change.
“The system is designed to give more data to the ATO so it can better track what wages are being paid and when they are paid,” he said.
He said for most businesses it had been an easy transition.
“If they are already on a cloud-based program it is really easy because all they need to do is connect to the tax office,” he said.
“If businesses are already on an electronic pay system this is basically a case of sending more data each pay run.
“Smaller businesses that might have only been operating on spreadsheets and reporting less frequently may have to make bigger adjustments.”
Businesses will be given until September to start reporting on time but will be able to apply for help and support if they need more time.
Get the latest news from thewest.com.au in your inbox.
Sign up for our emails