New South Wales, Apr 17, 2018 (Issuewire.com) - Australian ERP CRM Accounting software company SapphireOne Pty Ltd recently announced it is now fully compliant with the Australian Tax Offices Single Touch Payroll(STP). This new reporting feature allows finance managers to generate and report Pay As You Go (PAYG) Withholding, salaries and wages and Superannuation information to the Australian Tax office(ATO).
SapphireOnes Payroll module is compliant with Single Touch Payroll, creating payslips, bank files (ABA EFT) and reports employee PAYG and Superannuation information each time a Pay Event is created. The payslip and bank file provides proof of payment to the employee, while the employees PAYG and Superannuation information are forwarded to the ATO, following a Standard Business Reporting 2 (SBR2) template.
The ATO archives this information to a central database after matching it to the corresponding employer/employee, and in so doing allows:
- Employers to view their PAYG withholding liabilities with ease.
- Employees to see their Year to Date Tax and Superannuation information, via personalised portals at the ATOs MyGov website.
From 1 July 2018, compliance with Single Touch Payroll also means new and existing users of SapphireOnes ERP CRM Accounting software application no longer need to provide annual Payment Summaries to the ATO and to their employees. The STP data generated by SapphireOnes payroll each time a payment is made already supplies the ATO with all the data they need. SapphireOne Single Touch Payroll functionality helps employers save valuable resources and time and increases productivity.
SapphireOne is one of the first ERP system to incorporate Single Touch Payroll functionality after the Australian Tax Office made it mandatory for businesses operating with a staff capacity of more than 20 employees. The deadline for companies to be compliant is 1 July 2018.
Company Profile:
Since 1986, SapphireOne is a powerful and extremely comprehensive ERP, CRM Business Accounting Software. The SapphireOne Application is a single repository for all your key Accounting, Inventory, Sales, Projects, Assets, Payroll/HR, Management, CRM, Document Management, Soft phone, all stored in one. SapphireOne prides itself on continuous innovation with a strong emphasis on Research and Development, working organically with our Clients.
Website : https://www.sapphireone.com/
Media Contact
John Adams
+61 2 8362 4500
Source :SapphireOne Pty Ltd
