Are you STP Ready? (Single Touch Payroll and Xero)
Single Touch Payroll, also called STP is mandatory for all business with employees from 1 July 2019. What this means is that from 1st July 2019 you will be required to report wags, PAYG withholdings and superannuation direct to the ATO every time employees are paid.
This means that instead of only reporting the payroll information to the ATO at the end of each financial year, through the Annual PAYG Summaries you will be reporting more frequently.
The good news is that Xero is STP ready, and you can start reporting NOW!