Single Touch Payroll. Have you heard about the updates?
Single Touch Payroll (STP), as we have previously outlined over the past few months, is an initiative being introduced by the Australian Taxation Office (ATO) to provide real time visibility over the accuracy and timeliness of a business’ payroll processes. It is aimed at streamlining the administration of employee payroll, tax and superannuation obligations for employers.
In recent news, Xero will roll out STP from September to December 2018, and has confirmed that they’ll start with the largest employers and work their way down.
A few tips from Nexis’ accountants:
You still need to lodge your IAS as you usually would – either monthly or quarterly depending on your registration.
STP is not tricky, the only difficult part is if a pay run needs to be changed after it is lodged with the ATO – so, in an ideal world you wouldn’t make mistakes so as to avoid changes. But if you do, Nexis can help.
If a change has to be made, then an unscheduled pay run will be required. This can become way more complicated if an unscheduled pay run with negative figures is required to offset incorrectly filed pay runs.
Nexis is here to help you! Chat to us about Xero Single Touch Payroll, let us know any questions you have, and we’ll help you out.
Do you know someone who would like to be kept up to date with STP on Xero? Send them the link to this blogpost and let them know they can sign up for all future updates via our enewsletter.