Employers, do you know about Single Touch Payroll?
What is it?
Single Touch Payroll (STP) is a new way of reporting tax and super information to the ATO.
STP is an ATO initiative that requires employers to report salaries and wages, PAYG withholding and superannuation to the ATO each time they pay their employees. From 1 July 2018, STP became mandatory for employers with 20 or more employees. As of 1 July 2019, it will be mandatory for ALL EMPLOYERS
How STP works
STP works by sending tax and super information from your payroll or accounting software to the ATO as you run your payroll. You will no longer have to give your employees a payment summary for the information you’ve reported and finalised through STP.
Getting set up for STP
The good news is that if you hold a Xero subscription, you barely need to do a thing. STP is now available to all businesses on Xero and lets you file your pay runs with the ATO in a matter of clicks.
Don’t Use Accounting Software for your Business?
Good news! Xero are introducing a Payroll only product for small businesses (up to 4 employees), which will be STP compliant and won’t break the bank.
Where do I start?
Changes and new compliance requirements can be overwhelming for the small business owner. We’re here to help you implement STP for the new financial year and provide any training/ongoing support that you may require.
