A few months ago the Minister for Small Business, Bruce Billson, announced alongside the newly appointed Assistant Treasurer, Josh Frydenberg, that the government will cut red tape for employers by simplifying tax and superannuation reporting obligations through Single Touch Payroll, due to be launched next year in July.
Reckon has been following, and will continue to keep an eye on, the development of this initiative.
According to the ATO website, “Single Touch Payroll will streamline tax file number (TFN) declarations and Super Choice forms by providing a digital channel to simplify the process of bringing on new employees. It could also cut red tape by notifying super funds and government agencies, such as the Department of Human Services (DHS), when an employee ceases employment.”
While the actual launch is still a good year or more away, discussion on its implementation is happening now, with the ATO currently inviting interested parties to lodge written submissions on the issues in its Single Touch Payroll discussion paper. These submissions will be key to getting a more 360 degree look at how this initiative is best implemented for all businesses and professionals affected.