From 1st July next year, if you have 20 employees or more, say goodbye to end of year ATO reporting for payroll, just report as you pay!
STP is changing the way employers report to the Australian Taxation Office (ATO) by providing a platform to report information like salary and wages, pay-as-you-go PAYG withholding and superannuation information when you pay your employees.
We at Xero will be Single Touch Payroll compliant and provide a simple, easy way to meet your tax requirements each pay cycle.
To get ready for the change, here’s what you need to do:
1. On 1st April 2018
Confirm your headcount to know whether you will be required to submit your pay information to the ATO from the 1st July 2018.
If you have 20 or more employees, you’ll need to sign up to a software provider such as Xero Payroll to keep you STP compliant.
2. From 1st July 2018
Single Touch Payroll kicks in and will be mandatory for all employers that have 20 or more employees.
3. From 1st July 2019
Single Touch Payroll will be mandatory for all employers.
Want to know more?
We’ll continue to send updates on STP leading up to next July.
Visit our community forum, to provide feedback, ask questions and discuss all things STP in Xero.