ATO negotiates with big banks on single touch payroll solution as more than 300,000 SMEs lag behind

SmartCompany, February 14, 2019

The tax office is considering turning to the major banks to help implement Single Touch Payroll reporting for micro-businesses as it faces onboarding over 300,000 firms who aren’t using online or digital payroll platforms already.

Most businesses still doing payroll manually will be forced to adopt a digital system over the next 12 months after legislation passed earlier this week bringing firms with fewer than 19 workers under the Single Touch Payroll (STP) reporting regime.

Described as the “biggest compliance undertaking since the GST“, the influx of new businesses will expand the STP scheme twelve-fold, with more than 700,000 firms technically required to become compliant with the new system by July 1. READ MORE: https://www.smartcompany.com.au/finance/tax/ato-banks-single-touch-payroll-solution/?utm_campaign=SC&utm_medium=email&utm_source=newsletter

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