Commencing 1 July 2019 small businesses will be required to report through Single Touch Payroll their tax and superannuation information to the ATO if they have 19 employees or less.
This new way of reporting works by sending tax and super information from an employer’s payroll or accounting software to the ATO as they run their payroll. Superfunds will also be reporting to the ATO to ensure that employees are being paid their correct entitlements.
The shift in digital reporting means employees will be able to see their year-to-date tax and super information in ATO online services which can only be accessed on MyGov. At the moment employee data is only reported at the end of the financial year.
This change in legislation assists the ability for parties to access financial disclosure in property matters, particularly of those parties who have their own businesses through the single click of a button at a one stop shop on MyGov which also incorporates access to Centrelink and Child Support. This move is largely dependent on employers reporting, though is a step towards reducing the need for repetitive requests for documents such as individual tax returns and sees that PAYG summaries will eventually be stamped out.
If you require more information on the above article contact Nevine Youssef on (02) 4626 5077 or email@example.com.
The contents of this publication are for reference purposes only. This publication does not constitute legal advice and should not be relied upon as legal advice. Specific legal advice should always be sought separately before taking any action based on this publication.