Thank you…

Thank you for confirming your booking for Single Touch Payroll (STP) setup in your Xero file. STP is the biggest legislative change since GST and it’s really important that the setup is done correctly.

Invite us to your Xero file…

Please invite us into your Xero file. Please do this now so you don’t forget!

You can invite us by clicking on your business name which will give you a drop down. Then click on Settings>Users>Invite a user.

Single Touch Payroll Xero Setup

 

Single Touch Payroll Xero Setup

 

Please ensure your invite looks the same as the below example.

Single Touch Payroll Xero Setup

Single Touch Payroll Xero Setup

 

 

Educate your employees…

One of the really important things you can start doing now is educate your employees about Single Touch Payroll. This is a really big change for employers and how they report their payroll, but also for employees. This is the information we recommend you give your employees.

Effective from 1st July 2019 it is a  requirement for all businesses with employees to report payroll and superannuation data electronically to the Australian Taxation Office after each payrun instead of annual reporting. The benefits of regular reporting include:

  • Employees and past employees will have access to their earnings and employer reported superannuation contributions in their myGov account
  • STP replaces preparation, printing and delivering of annual Payment Summaries to current and past employees
  • New employees or employees with tax file number declaration changes can now be reported with each lodgement
  • Payment Summaries will now be called Income Statements

What your employees should do now…

  • It is recommended, if they haven’t already done so, that they sign up to myGov to be able to access their reported earnings.
  • You will no longer be providing Payment Summaries. Your employees will be able to access them in their myGov account.
  • If they do not have access to a computer or an email address, they can contact the ATO and request a paper copy of their Income Statement to be issued to them.
  • Be aware, personal information is transmitted to the ATO as part of the STP process.
  • Their Tax Agent will be able to access their Income Statement via the ATO to prepare their tax return.

More information from the ATO here

 

How the appointment will work…

We will log into your Xero file at the appointed time and set up so you are ready for STP reporting. If we find the setup is more complicated than first thought, we will discuss your options with you.

There’s no need for you to be online with us at the time of the appointment, but you can contact us with any questions that you may have.

The person who is responsible for the preparation of payroll and lodgement of STP will be required to register with the ATO. We’ll provide these details to you when we’re doing the setup.

If you become a management client of Miss Efficiency within 30 days of this service being completed, 50% of this setup fee will be refunded to you after one month of service.