The Treasury Laws Amendment (2018 Measures No.4) Bill has been passed today. This means that businesses with 19 employees or less employees will be required to report under Single Touch Payroll from 1 July 2019. This follows the commencement of Single Touch Payroll reporting in July 2018 for businesses with 20 or more employees.
The passing of this legislation will affect approximately 780,000 businesses Australia wide. Over 550,00 of the businesses are microbusinesses with 1-4 employees. At the request of the Australian Tax Office, some payroll software providers will be providing a low cost Single Touch Payroll product, to the micro business sector for $10 or less a month.
The ATO will also allow these micro businesses to report quarterly through their Tax or BAS Agent, rather than through payroll software.
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