The ATO has issued some guidance on certain practical aspects of the Single Touch Payroll system that will be mandatory for employers with 20 or more employees from 1 July 2018.
Employees will have the option of completing their TFN declaration and Superannuation Standard Choice forms either online through myGov or through their employer. The online service will be optional and employees can simply choose to use the existing paper processes for these items.
When an employee completes the details that will be sent to their new employer, they will be prompted to view and consolidate any existing accounts.
If the employee does not make a choice regarding a superannuation fund, superannuation entitlements will continue to be paid into the employer's default funds.
This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.