Single Touch Payroll and MyGov
Benefits of Single Touch Payroll
One of the benefits of Single Touch Payroll for employers is that you will no longer have to issue a year-end payment summary to employees. Payment information is sent to the ATO every time you run your payroll and will be available to the employee via their MyGov account.
Employees will be able to view their income statements (formally called Payment Summaries) throughout the year as well as Superannuation information. This availability and transparency of information is generally a good thing; however, it may also result in more employee or ATO enquires. This will place added pressure on processing pays correctly and meeting your employer obligations in a timely manner.Employers need to ensure they are ready to embrace the disciplines that Single Touch Payroll will demand.
Henry Sack
General Manager
With over 12 years of experience as a NetSuite implementation consultant, Henry Sack leads TeamBlueSky’s team of NetSuite and accounting experts in his role of General Manager.
TeamBlueSky is a leading Australian
NetSuite Alliance Partner whose mission is to provide critical
NetSuite BPO and
Payroll services to NetSuite clients who are wanting to simplify their
back office processes and partner with a leading
NetSuite administration expert.
TeamBlueSky have also partnered with global Suite Developer Network partners to offer local solutioning, implementation and support services for global NetSuite SuiteApps.
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