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Xero bookkeeping – Single Touch Payroll – STP – reporting in Xero software

images/Bookkeeping.jpgWe wrote the other week all about what Single Touch Payroll (STP) Reporting is about, and what the ATO tells us.

Xero is a popular accounting software for many small & medium businesses. Here is how Xero are preparing for STP –

From the Main Xero STP Page -

How will Xero roll out STP to employers? 
We’ll roll out STP progressively from 1 July rather than switch everyone on at once. This will allow us to migrate the massive number of Xero Payroll users in the smoothest fashion possible. When it’s time for a payroll administrator to opt in to STP, a banner will appear on the pay-run screen, and you’ll be able to opt in with just a few clicks.

What about the ATO’s 1 July deadline to begin using STP?
The ATO has granted Xero subscribers a deferral until as late as 31 December 2018. We expect to have all Xero users on STP well before that date. Until Xero prompts you to make the switch, you can continue processing payroll as normal and remain fully ATO compliant without any penalty. It’s that simple.

How can employers prove to the ATO that they received a deferral, if asked?
Xero subscribers can use the ATO reference number 49410109.

When will I be prompted to make the switch?
We’ll prioritise roll-out to large employers with more than 20 staff. We’ll let you know when it’s time to make the switch with a banner on the pay-run screen. At that point, you can start filing seamlessly with the ATO.

If I begin using STP after 1 July, do I have to play catch-up in reporting to the ATO?
No. Each STP filing includes all year-to-date payroll information. This feature, along with the ATO deferral, will make for a smooth experience when you begin using STP.

Does STP cost extra in Xero?
No. STP compliance is part of the Xero product offering.

Will STP change my current payroll workflow in Xero?
The aim of our release is to ensure minimal disruption.

From the Xero Blog -

Xero will have a simple set-up process for Single Touch Payroll. During the STP setup, Xero will display your software service ID (SSID).You’ll need to provide it to the ATO in one of two ways. Either: 

Once you’re setup, the option to report a payment to the ATO will be presented for each pay run and your payroll information will be filed with the tax office.

Also, due to the filing requirements for STP, you’ll only be able to revert the latest posted pay run for each pay calendar after you’ve opted in.

DOWNLOAD a FREEBookkeeping Quarter Checklist to get organised! CLICK HERE

Question? Email This email address is being protected from spambots. You need JavaScript enabled to view it. or call 0407 361 596 Australia

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MYOB – Single Touch Payroll –STP - reporting in MYOB

images/Single touch payroll.JPG  We wrote last week all about what Single Touch Payroll (STP) Reporting is about, and what the ATO tells us.

MYOB is one of the top selling accounting software for small business, and they are getting ready for STP –

Single Touch Payroll (STP) is an ATO initiative to streamline payroll reporting. You’ll be able to report payroll and super information directly to the ATO when you process a pay run in AccountRight (from either online or desktop company files).

As a result of this change, for the 2018-2019 tax year, you may no longer need to complete payment summaries at the end of the financial year as your employees' payroll information will be available to them through the government's online service, myGov.

NOTE - All businesses still prepare the usual Payment Summaries for Year 2017-2018.

MYOB AccountRight 2018 has been updatedto help you get ready for STP reporting. We're working closely with the ATO to ensure you'll be able to report your payroll data to them from 1 July 2018. There are 2 main steps:

  1. Check employee and Company information;
  2. Connect to the ATO.

For more see here.

MYOB Essentials is preparing to get ready also. Before reporting payroll and super information to the ATO, you need to: 

  1. Check that your company information and employee details meet ATO requirements. To do this, you can check your details in MYOB Essentials and view a list of errors that need fixing. Go Here for instructions;
  2. The final step to set up Single Touch Payroll is to connect to the ATO. MYOB are working closely with the ATO to get this bit up and running as soon as we can. MYOB will be in touch when it's ready.

MYOB AccountRight v19. You can implement Single Touch Payroll by 1 July 2018 by upgrading to the new AccountRight (an AccountRight subscription entitles you to an upgrade). Once you've upgraded, take a glimpse at how the new AccountRight will help you set up Single Touch Payroll reporting.

NOTE - The following features aren't available yet in the new AccountRight, so if you use any of these in AccountRight v19 you might not be able to upgrade just yet:

  • M-Powered Payments;
  • Multi-currency;
  • Negative inventory;
  • Multi-location stock tracking.

If you can't upgrade, we've worked with the ATO and you have been granted a deferral from STP reporting until 31/5/2019. More details about this deferral will be provided soon.

DOWNLOAD a FREE Bookkeeping Quarter Checklist to get organised! CLICK HERE

Question? Email This email address is being protected from spambots. You need JavaScript enabled to view it. or call 0407 361 596 Australia
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Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
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