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Bookkeeping - Xero - Single Touch Payroll - STP reporting
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Published on Thursday, 14 October 2021 11:25
We wrote 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 they are preparing for STP –
From the Main Xero STP Page
Single Touch Payroll (STP) is a government initiative that requires businesses to report pay details to the ATO digitally.
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 has 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.
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