Impact Option 1 Option 2 Option 3 Leave the current processes in Mandatory real time reporting and voluntary real time payment of tax and Mandatory real time reporting and place superannuation obligations for all employers at the time of the payroll real time payment of tax and event superannuation obligations for all employers at the time of the payroll event Stage 1 Aggregate Stage 1 & Stage 2 Over 10 the aggregate impact No change to compliance costs Net compliance cost Over 10 years the aggregate impact could Over 10 years the aggregate impact could produce a potential saving of and no direct savings. savings be a potential saving of about $900 million. could be a potential saving of about $2 about $260 million per year. billion. Existing compliance cost This results from the streamlined TFN These savings are produced from burden remain unchanged. declaration and Superannuation This results from the streamlined TFN the streamlined TFN declaration This is about $2.5 billion and standard choice form for new employees, declaration and Superannuation and superannuation standard over 10 years would amount to standard as well as automated reporting of PAYG choice form for new choice form for new employees, about $25 billion. Withholding. employees, as well as automated automated reporting and payment reporting of PAYG Withholding. of PAYG Withholding and Superannuation obligations. Implementation cost The potential implementation cost No implementation costs to The potential implementation cost could The potential implementation cost for businesses could be about $670 million which businesses. be about $300 million which would be could be about $670 million which would be spread over a two to spread over a two to three year period. would be spread over a two to three three year period. year period. Changing and adapting record keeping Changing and adapting record systems will be the major driver. These are Changing and adapting record keeping keeping systems will be the major likely to include additional fees to account systems will be the major driver. These driver representing about $620
Impact Option 1 Leave the current processes in place Option 2 Mandatory real time reporting and voluntary real time payment of tax and superannuation obligations for all employers at the time of the payroll event Option 3 Mandatory real time reporting and real time payment of tax and superannuation obligations for all employers at the time of the payroll event Stage 1 Aggregate Stage 1 & Stage 2 Net compliance cost savings No change to compliance costs and no direct savings. Existing compliance cost burden remain unchanged. This is about $2.5 billion and over 10 years would amount to about $25 billion. Over 10 years the aggregate impact could be a potential saving of about $900 million. This results from the streamlined TFN declaration and Superannuation standard choice form for new employees, as well as automated reporting of PAYG Withholding. Over 10 years the aggregate impact could be a potential saving of about $2 billion. This results from the streamlined TFN declaration and Superannuation standard choice form for new employees, as well as automated reporting of PAYG Withholding. Over 10 the aggregate impact could produce a potential saving of about $260 million per year. These savings are produced from the streamlined TFN declaration and superannuation standard choice form for new employees, automated reporting and payment of PAYG Withholding and Superannuation obligations. Implementation cost for businesses No implementation costs to businesses. The potential implementation cost could be about $300 million which would be spread over a two to three year period. Changing and adapting record keeping systems will be the major driver. These are likely to include additional fees to account The potential implementation cost could be about $670 million which would be spread over a two to three year period. Changing and adapting record keeping systems will be the major driver. These The potential implementation cost could be about $670 million which would be spread over a two to three year period. Changing and adapting record keeping systems will be the major driver representing about $620
RIS-4.docx