We've got you covered with all the top questions on STP answered.
Single Touch Payroll, also called STP or one touch payroll, is an ATO initiative that requires employers to report salaries and wages, PAYG withholding and superannuation to the ATO each time they pay their employees.
Legislation made it compulsory for businesses with 20 or more employees to digitally report payroll details to the ATO. However, following an amendment, it is now mandatory for all employers in Australia to adopt a compliant payroll solution, which are often software-based, from 1 July 2019.
As cloud accounting partners, Collins Hume only needs to follow some simple protocols to get connected and authorised in order to file STP on behalf of your business, depending on which cloud accounting system is used in your business.
If you haven't yet implemented a cloud accounting system in your business, talk with us about selecting and onboarding the best solution for your STP needs.
As accountants, we can guide you in the proper set up of your payroll as well as process your pay runs if you need it. We can also do your end-of-year processing (STP Finalisation Declaration). In this instance both Collins Hume and your business would connect to the ATO so that we can both file with STP.
Yes you can – the sooner you start, the easier it will be when July rolls around. For example, STP is available on all Xero plans, which include payroll. Just go to the pay runs screen and click the banner to get started. For a full rundown of options, talk with our cloud accounting experts first on 02 6686 3000.
Payment, tax and super information will be reported to the ATO each time you pay your staff. Xero works out what payroll information needs to be filed and sends it to the ATO. For details on what is reported, take a look at the ATO's website on what you need to report.
In any event, make time now to meet with the Collins Hume team to ensure you are STP-ready by July. Our advice is don't leave it to the last minute, as set up can be time-consuming for some businesses. Call us in Ballina or Byron Bay on 02 6686 3000.
Let Collins Hume partner with you to achieve greater business and lifestyle success as your trusted advisers. Call us in Ballina or Byron Bay on 02 6686 3000.