Single Touch Payroll: sorted in seconds
With Single Touch Payroll (STP) in Xero, you can meet the ATO requirements with a few simple clicks. In fact, simplicity in action is what Xero’s STP solution is all about – just ask Chris Hooper, CEO of Accodex.
“STP is a piece of cake with Xero,” Chris says. “It’s easy to set up and the process is even easier to explain to clients. ‘Oh, is that it?’ is probably the most common reaction I encounter.”
To help make the transition into STP seamless, Xero has arranged automatic deferrals for employers who were required to use STP from the beginning of this financial year until 31 December 2018.
If you are required to report via STP and are not using it yet, the good news is that STP compliance has been made a whole lot easier with Xero’s latest STP product updates and ATO changes on employer authorisations.
Employer annual authorisations
In a welcome change, the ATO has simplified the authorisation process so that registered agents can now obtain a 12-month engagement authority to lodge STP pay events on behalf of eligible employers.
That means the employer only has to provide their authorisation once a year, instead of every pay cycle.
Simpler way to set allowances for STP
To streamline the reporting of information on employee allowances, Xero’s newest feature alerts users wherever the allowance ‘Type’ has not been set as required by STP.
This notification appears above the File button before a pay run is processed. Users then have the option to set the type on the spot, without having to review all allowances individually or exit the workflow.
For assistance or more information on adding an allowance type, visit Xero Central.
New features for the New Year
You don’t need them yet, but rest assured that Xero has been looking ahead for new ways to help you do beautiful business in 2019.
Stay tuned for upcoming posts about how soon-to-be-released features – including functions for reporting fringe benefit amounts and finalising your employees at the end of the financial year – that will help cut down your compliance obligations in the new year.
To find out more about Xero and Single Touch Payroll, visit our STP landing page.
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Source: Xero Blog
