As a small business owner it often seems like there aren’t enough hours in the day. And the struggle to stay on top of things is likely all too familiar.
With the ATO now requiring all businesses in Australia to digitally report their payroll information through Single Touch Payroll (STP), you may be finding it tricky to get your head around these new changes.
Under STP, employers are required to report salaries and wages, PAYG withholding tax, and superannuation, every time they pay their employees. As the September 30 deadline fast approaches, it’s time for business owners to visit their trusted accountant, bookkeeper or BAS agent – so you can work through what you need to do to meet your STP obligations.
Meet the ‘Single Touch Payroll ready’ badge wearers
Luckily, our Xero-certified partners are here to help. Introduced to give business owners a way of recognising the advisors ready to guide them on their STP journey – the Xero STP badge is your sign that hands-on support is nearby.
Simply visit the Xero Advisor Directory, and any advisor who has completed the required education components (everything needed to support you in becoming STP compliant, and beyond) will feature the Xero ‘Single Touch Payroll ready’ logo on their profile.
Introducing lucky number 3,000… the face of STP advisory
This week, we reached an exciting milestone: 3,000 Xero partners across the country have now earned an STP badge. That means there are thousands of advisors ready and waiting to help you navigate the change ahead of September 30.
To celebrate, we sat down with bookkeeper Jodie Campbell of Davidsons (pictured above with her badge) – our lucky 3,000th badge holder – to talk all things STP.
1. What is your top tip for anyone readying themselves to become STP compliant?
Firstly, know that it’s much easier than it looks. Double checking the little things will make your transition to STP all the smoother – so it’s best to review your company, employee and payroll details and setup well in advance of making the switch. This way, you’ll have plenty of time to make any amendments or corrections if need be. Once you’re confident everything is set up correctly in your payroll system, then you’ll be good to go.
2. What advice do you have for those who might be feeling a bit unsure about STP?
Change can seem scary, and it’s completely understandable to be a bit nervous at first (I was back when STP was first introduced!). However, seeing how easy the entire process is and how seamlessly STP has been integrated into payroll has made it clear that there’s nothing to be worried about. After all, STP has been extremely beneficial in making the entire payroll process much more efficient and accurate.
3. What benefits can people expect to see from becoming STP compliant?
STP makes for a smoother and less stressful end of year process. Then, there’s the increased visibility it allows thanks to the real time reporting of wages, super and PAYG makes. Employees will also find reporting much more efficient and accurate due to easy access to their myGov accounts. Ultimately, the introduction of STP has made the payroll function of all businesses far more transparent for everyone involved.
Businesses across Australia need to comply with Single Touch Payroll by September 30. Xero lets you file your pay runs with the ATO and getting set up is a lot easier than you might think – so get STP compliant today in just a matter of clicks.
Advisors, check out our hands-on STP course and discover how you can get recognised with a Xero-certified STP advisory badge.