Single Touch Payroll
From July 1, 2019 Single Touch Payroll (STP) will be the required way to send employee payroll information to the ATO for all organisations.
Using STP enabled software, you will be required to report tax and super information each time you pay your employees. The information you will report will include salaries and wages, allowances, deductions and other payments, PAYG withholding and super.
Single Touch Payroll Countdown
Is my payroll system STP Compliant?
Most cloud payroll software providers are STP Compliant. In fact, if you are with Xero your software has been STP compliant for the past 12 months and you can connect at any time.
If you do not use a cloud software service or have not sought an alternative software provider to submit your payroll information, now is the time to do so. You must be STP compliant by July 1, 2019.
We offer services to accommodate your needs. From a full Xero conversion to housing just your payroll information online we can provide a solution for you.
How will my payrun processing change?
As a Xero client, there are two extra clicks added to the end of your payroll process. Those who are currently IBSNQ clients, please book in a training session where we can show you the additional steps to your processing. Trust us, it is super easy! These two steps allow you to lodge your payroll details instantly.
General Xero users, find information here.
Those not in Xero or an IBSNQ Client, please refer to your software user guide for processing requirements.
How will my EOFY pay reconcilliations change?
To process your EOFY payroll there are limited changes. However, one this process has been completed – there WILL NOT BE payment summaries to distribute to your employees. This will need to be explained to all staff members of your business as they will need to access their EOFY tax information from their MyGov account.
IBSNQ Clients – we will work with you to submit your final pay run for the financial year and process your EOFY reconcilliations.
General Xero users can find information/instructions on completing this process here.
What set-up is required?
IBSNQ Clients – Once you are ready to set-up your STP payroll in Xero (before July 1, 2019) please call our office and we can assist you in this.
General Xero users can find instructions on STP set-up on Xero’s website found here.
What will change for me?
There is only one significant change for employees, you will no longer receive your payment summary at the end of financial year. You will still receive payslips as normal and nothing will change in your normal payruns.
How do I access my payment summaries at the end of the year?
You will no longer receive payment summaries in July. Your payroll information for tax purposes is accessible from your MyGov account. As it is an ATO requirement, your employer does not have a choice to issue payment summaries or not.