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What does STP mean for me as an Employer?
Digital connectivity is becoming a necessary part of running a business in Australia. Instead of typically reporting payment once at the end of a financial year, employers will now be required to send information to the ATO with every pay run.
Do I still need to lodge a BAS?
Yes, businesses still need to submit a BAS. If you’ve set up the W1 and W2 values in Xero Payroll, they will continue to show up in BAS/ IAS as usual.
Do FBT, ETP and RESC need to be reported using STP?
Yes. ETP (employment termination payments) and RESC (reportable employer super contributions) are reported when you process and file your pay runs. And FBT (fringe benefits tax) is reported when you finalise STP.
Do I need to issue annual Payment Summaries to employees anymore?
Once you start STP, you won’t need to produce payment summaries or a payment summary annual report. Instead there’s a simple end-of-year process for finalising STP. This process just sends a confirmation that you have fully reported for the financial year and for each of your employees.
What happens if I make a mistake?
If you spot a mistake in a pay run that you’ve filed with STP, you can still make a correction. You have a few options here depending on the mistake you’ve found. You can either:
- revert the pay run, make your required changes, post and file, or
- complete an unscheduled pay run and fix the mistake in time for your next pay run.
Will I need to file part year information if I don’t start STP at the beginning of the financial year?
No there’ll be no need for that. With STP, your accounting software files the financial year to date payroll information, which means that you only have to start filing information from when you opted into STP.
Will I still get a payment summary at the end of the financial year?
By reporting your tax and super information through STP, the ATO will make your payment summary information available to you through myGov. This means your employer may choose to not provide you with an annual payment summary.
Where can I find my tax and super information?
Once your employer reports through STP, you will see your year-to-date tax and super information online. This will be available by logging into myGov and accessing ATO online services.