Ensuring Digital Signature Legitimateness for Payroll Deduction Authorization in Australia

How to eSign a document: digital signature legitimateness for Payroll Deduction Authorization in Australia

So you've probably been hearing about single-touch payroll but what is it? What is single-touch payroll? So single-touch payroll is a new formal way of reporting our employees' wages to the government. So right now the ATO actually wants to know more about our wages. They want to know how much superannuation we need to pay, when we need to pay it, how much tax we need to pay with our employees and when are we paying our employees taxes and wages. When we need to start doing this is the 1st of July 2019. If you've basically employed more than or under 20 employees you need to start using single-touch payroll. So you just need to ensure that your payroll software has single-touch payroll attached to it. Your software will link to the ATO's softwares and it will transfer that information over to the ATO so the ATO will know basically your employees' wages, your superannuation and the dates of what has been paid and what hasn't. So basically it won't affect how you pay your employees but it does affect the reporting methods and what information the ATO is gonna have. So, as you can guess, it's gonna be more transparent meaning that the Tax Office are gonna actually know more information about how you pay people. What we suspect is going to happen, which is only just our opinion, is that the because the Tax Office knows this type of information, more than likely that they're going to know when things aren't done correctly if payment hasn't been made. And as a result, the Tax Office may be looking into small businesses or businesses that aren't just paying on time. Which can result to reviews,  audits or letters or notices to businesses that are just not doing the right thing. There are a lot of repercussions of paying your superannuation late or not even paying superannuation at all or even with from PAYG income tax. So best thing you need to do before 1st of July is review all your processes, make sure everything is paid up to date and make sure moving forward with your wages and your payroll it's done correctly and on time because the ATO would have a lot more information regarding this. It's a good idea to make sure that this is clean and done up to date moving forward.