Single Touch Payroll is here! Are you ready?
What is STP? – How does STP Work?
Single Touch Payroll is all about reporting your wages, payg withholding and superannuation to the ATO on a regular basis whenever you run your payruns. You run your payroll as usual, then hit the file button to send the information off to the ATO. You just have to be using software that supports this process.
If you are currently using some old or manual system of recording your pays like a wages book or excel spreadsheet, then you will need to move over to a more current type of accounting software to be compliant. We recommend setting up Xero accounting software for your business, not only to make STP simple but also because it is a great system for everyday use. It makes keeping your books an easy process but only if it is set up correctly from the start and you receive some proper training from an experienced user.
Xero STP $10 a month plan
Are you running your accounts on another system but it doesn’t include payroll and you need to start reporting for STP, Xero now offer a $10 a month Xero subscription for up to 4 employees. Some people are finding the setup a little confusing, especially if they have never dealt with Xero or accounting software before. We have assisted in the setup for two small businesses in the last few days. So if you need some assistance, please give us a call. You can check out this Xero plan on the following link:
Contact us now to assist you with the setup process.