Single Touch Payroll clarification
September 2017
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
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.
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Disclaimer
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.
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