Xero, QuickBooks and MYOB all have their own STP finalisation processes that need to be followed to ensure your employees have the correct information to lodge in their tax return. Below are links to some helpful guides & instructions for the most commonly used payroll software:
Depending on your situation you may have a different due date that you will need to complete your STP finalisation by:
There are generally a few common questions that you may receive as an employer in relation to STP. Here are a few helpful tips to assist with answering these questions:
Since 1 January 2022 the ATO has expanded the STP system dubbed “STP Phase 2” which sends additional information to the ATO each time you lodge a pay run. Primarily the “gross wage” figure that was previously lodged to the ATO as one figure is now split out into all of the components that make up that amount, including:
Xero was the last of the major software providers to adopt STP Phase 2 and as of 31 March 2023 it has now enabled the lodgement of pay runs via the STP Phase 2 system. Below are some links for instructions on how to set up STP Phase 2 with some of the common payroll products:
BLG Business Advisers are Wollongong Accountants who service all over Australia and are always ready to help you out. Our team can provide more information relating to your accounting and payroll software options, so please feel free to talk with us for further advice tailored to your needs.
We wish you and your business every success!