Single Touch Payroll is a government initiative introduced on the 1st July 2018 that will change the way employers report payroll information to the ATO.
Employers are required to report salary or wages, PAYG withholding, and superannuation information to the ATO from COINS at the same time the employees are paid.
Essentially, this reporting occurs after the payroll has been processed rather than
monthly or quarterly, as previously done.
The ATO uses the data to populate myGov accounts, where employees can generate
payment summaries, therefore eliminating this process from the employers.
The PAYEVNT file contains Year to Date (YTD) Values only for employees processed in a payrun. When these payments are reported throughout the year, and a completed Finalised declaration is sent, employers do not need to provide corresponding Payment summaries to employees.
See the full guide below: