[UPDATE – Single Touch Payroll is now live and being used by businesses with 20 or more employees across Australia
Single Touch Payroll (STP) is a method of reporting your employee salaries, wages, PAYG withholdings and super to the Australian Taxation Office (ATO).
If your business employed over 20 staff as at the 1st of April 2018 then from the 1st of July 2018 you’re required to report your salaries & wages, PAYG withholding and superannuation to the ATO office each & every time you pay your employees.
This is what’s known as Single Touch Payroll (STP).
For those businesses with 20 or more employees as at the 1st of April 2018 there’s never been a better time to make the switch to Xero & get STP ready! If you move to Xero after the 1st of July STP will be made immediately available to you.
Xero’s Payroll software lets you file your pay runs with the ATO in a matter of clicks!
For businesses already using Xero with 20 or more employees – don’t stress! You’re automatically covered by an ATO deferral which means you can continue to process your payroll as usual and STP will be rolled out to you between September & December.
If you’re an employer with less than 20 employees as at the 1st of April 2018 – you’ve got another 12 months to make sure you’re ready, with STP becoming compulsory for all employers as of 1 July 2019.
Need help making the move to Xero? Find out more and submit an enquiry on our Xero Conversion page.