Single Touch Payroll is a significant new digital payroll and superannuation reporting initiative introduced by the Australian Tax Office (ATO). Effective from 1 July 2019 all Australian employers will need to meet the new Single Touch Payroll (STP) reporting requirements.
MAGIQ Software has been working very closely with the ATO over the past 12 months to complete the required legislative reporting changes. The MAGIQ Payroll software application has been approved by the ATO and is now fully Single Touch Payroll compliant.
Single Touch Payroll is a substantial change, requiring employers to send payroll information to the ATO via their payroll software for every payroll run. This means payroll runs and payroll compliance are effectively combined into a single digital process.
MAGIQ Software has recognised that Single Touch Payroll is a significant, business-critical system change and has undertaken a careful and considered approach to ensure the change is as low-risk as possible for its Customers.
MAGIQ Software Chief Executive Colin Lillywhite commented: “We understand payroll is a critical business process and we’ve worked very closely with the ATO to ensure MAGIQ Payroll is fully compliant with their functional specifications.
Extensive testing has also been undertaken testing to make sure that as we complete the careful roll-out of the software to our Customers, there is minimal disruption to their day to day business operations.”