For businesses paying wages to employees, the deadline to register for Single Touch Payroll (STP) is fast approaching. With only 7 days until 1 July, the countdown is on to get registered!
In this month’s blog, we will go through what you need to do to register for STP, as well as our pick of software options available. In March we wrote a blog telling you everything you need to know about STP. Please click here if you missed it and would like to learn more.
How to register
The first thing you need with STP is a payroll software provider. They will provide you with instructions to register. As part of the registration process, you will be required to provide a unique software code to the ATO via a phone service or via your AUSkey (if you have one).
To make things a bit simpler, we have provided links to the various STP help pages for the main software providers.
So, what happens if you’re currently processing manual wages or if your software is not STP compliant?
There are many providers of STP software in the market. Our first choice is always Xero, due to it being easy to use and also having a great catalogue of support articles and help. With the introduction of STP, Xero have released some new pricing plans for those that only need a payroll solution.
Xero’s new pricing options
Option 1 – Payroll Only software - $10 per month
Option 2 – Payroll Cashbook (for those that want to keep all their bookkeeping in one place, and do not need Accounts Receivable and Accounts Payable) - $29 per month
If you get in and setup before 30 June 2019, Xero has some great savings off their subscription pricing plans.
If you are already a client of Heath Accounting Solutions, we will be reviewing your file before 30 June to ensure you are ready to go with STP on 1 July.
As always, if you need any help with the transition, or have any questions about anything at all, please don’t hesitate to call us on 07 3425 1115. We’re here to help.
General Advice Warning – The information in this article is educational and general in nature. It does not take into consideration your personal financial or taxation information, goals and objectives. Please ensure you seek appropriate financial and taxation advice.
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