New Single Touch Payroll – how will it affect you as an employee?

The ATO is implementing the new Single Touch Payroll system so you can have quick access to your employee pay information.

How will it affect me?

From 1 July 2018 onwards if your employer implements the Single Touch Payroll system, your wages, withholding tax and superannuation information will be easily assessable by you through your myGov account (assuming you have linked your myGov account to the ATO) when your employer completes a payroll transaction on their accounting or payroll software. The information you will see on your myGov account will include your year-to-date pay, tax withheld from your pay as well as any super contributions your employer is liable to make for your benefit throughout the year.

By the end of each financial year, your payment summary will be available through myGov, as your employer will no longer be issuing you your payment summaries.

The Single Touch Payroll will be expanded to become mandatory to all employers by 1 July 2019 (subject to legislation being passed in parliament), so eventually your wages information will become available on your myGov account and you will be able to check your payment information on your mobile with a coffee on the other hand!