Xero payroll is enabled for Single Touch Payroll reporting
So what is Single Touch Payroll (STP)?
Single Touch Payroll is a new way of reporting your wages, PAYG and superannuation to the ATO. Instead of reporting once, at the end of the year via PAYG payment summaries, we are now required to report to the ATO every time we process a pay run.
Does this sound like more paperwork?
Well the good news is that STP is designed to reduce paperwork. It is now legislated that we report our payroll electronically to the ATO, no paperwork involved. Xero Payroll is STP enabled and makes it easy to report electronically to the ATO.
And there are other benefits to complying with the ATO’s requirement to lodge. Read our blog on 5 ways that Single Touch Payroll will save time.
STP (Single Touch Payroll) was implemented on 1st of July 2018 for businesses with over 20 employees, and from the 1st of July 2019, will apply to small businesses with any number of employees.
Do you need help getting started? Our Single Touch Payroll consultants in Geelong, Bendigo and the Macedon Ranges can help guide you through the process quickly and painlessly so talk to us today. You can get more information about Xero Payroll here.