The Minister for Small Business, Bruce Billson, and the Assistant Treasurer, Josh Frydenberg, announced on 28 December 2014 that the Government will cut red tape for employers by simplifying tax and superannuation reporting obligations through Single Touch Payroll.
- Under Single Touch Payroll, which will be available from July 2016, employers’ accounting software will automatically report payroll information to the ATO when employees are paid. This will eliminate the need for employers to report employee-related PAYG Withholding in their activity statements throughout the year and employee payment summaries at the end of the year.
- In addition, the Government will streamline TFN declarations and Super Choice forms by providing digital services to simplify the process of bringing on new employees.
[LTN 1, 5/1/15]