What does Single Touch Payroll mean to me as an employee?

Do you often question whether your Superannuation is being paid?

Do you want to check what you have earned and how much tax you have paid?

Do you want easy access to your Income Statements at the end of the financial year, no matter who your employer is?

Your questions are easily answered with Single Touch Payroll!

All these questions will be easily answered when your employer uses a Single Touch Payroll enabled solution. Because Single Touch Payroll reports in "real-time" to the ATO every time your employer pays you, you can easily check your myGov account to access this information.

What does "real time" mean to me?

"Real-time" means that every time your employer pays you, your Gross Wages, the Tax you have paid and the Superannuation that has been calculated is reported to the ATO immediately, not at the end of the financial year. You can check at any time how much you have earned, how much tax you have paid, and how much superannuation has been paid.

Are there any other benefits to me?

In addition, you will also have access to pre-filled forms, including Tax File Number Declaration and Super Choice, when you start a new job. Your Tax Return will also be pre-filled at the end of the financial year. There is no need to wait for your Payment Summary from your employers.

A quick checklist;

Are you;

• Receiving Pay Slips when you get paid?

• Do you check that your Superannuation is being?

• Receiving the correct amount of pay?

To assist you as an employee:

• Check with Fair Work - https://www.fairwork.gov.au,

• Access your myGov Account - https://my.gov.au,

• and ask your employer if they are using a Single Touch Payroll enabled payroll system - https://softwaredevelopers.ato.gov.au/product-register

With Single Touch Payroll, you can put yourself in control of your pay.

What is e-PayDay doing for employees?

e-PayDay Pty Ltd is part of the consultative process and is involved in many Single Touch Payroll Working Groups to assist in introducing very positive benefits to employees and employers. We will help businesses transition to Single Touch Payroll by providing updates to e-PayDay® and introducing a range of new products. We are also involved in the Pilot for small businesses by introducing new products, which will provide significant cost-saving benefits.

The information provided in this post is general knowledge and serves as commentary. Your situation is not considered, and the contents should not be deemed legal, financial, or professional advice. You should evaluate whether this information meets your needs and, if necessary, seek independent professional guidance. The information is accurate only at the time of publication. While every effort has been made to verify the accuracy of the details on this webpage, e-PayDay Pty Ltd disclaims, to the extent permitted by law, all liability for the content presented or any loss or damage incurred by any individual directly or indirectly from relying on this information.