23 May Single-Touch Payroll
Single-Touch Payroll ….
So, Single-Touch Payroll is nearly here, but is your business ready?
If you are a Payroll Officer, or process payroll, there are steps you need to prepare for Single-Touch Payroll.
If you employ 20 or more people, whether they are full-time or otherwise, you must be ready for Single-Touch Payroll.
Single-Touch Payroll will commence on 1 July 2018, and below are key steps for Single-Touch Payroll.
- Make sure you update payroll software to be Single-Touch payroll ready.
- Make sure you seek training and advice
- Complete your headcount as above
- Use clear payroll categories
If you aren’t prepared, this may cause major headaches, but being pro-active and being setup correctly will make your Single-Touch Payroll process painless.
1. Having up to date software
Making sure that if your business employs 20 or more you have up- to date software that will be compliant and ready for Single-Touch Payroll. Most software packages will have automatically updated their software, or some may need you to upgrade to a latest version.
2. Time for training
For many, make sure that getting your business Single-Touch Payroll compliant means that you will need to complete system updates and learn how to use them.
These updates should be quite easy to install, and your provider will advise how to access these updates.
Make sure that you read and learn the ins and outs of the process whatever the software platform you use. The provider may also provide online or webinar training.
So, don’t leave yourself wide open for failure, do your head count, install your software if required and check out online or webinar training. Be ready…..
3. Headcount of employees
So, remember you needed to do your head count on 1 April. This means that the ATO rule required a head count on 1 April to show how many people were paid by your business for the month of March.
Head count of actual number of employees – even casuals who may work occasionally.
All this work needs to be completed for this first pay run for Financial year 18/19, so this means as at the 1 July 2018.
4. Payroll Categories
The main preparation for Single-Touch Payroll ready is to make sure the payroll categories are correctly setup.
This will include – normal hours, overtime, commissions, tax, super etc.
Once set up, this will essentially generate a payment summary every pay run completed.
Your highly experienced bookkeeper will help you get the most out of your business and accounts.
So, if you need any help, please contact myself, as per website contact page