Want to learn more about Single Touch Payroll? We've put together a comprehensive FAQ of questions asked by users like you.
Yes, electronic Lodgement will need to be set up prior to enabling STP, you can use the following guide for instructions on this: How do I enable Single Touch Payroll?
If you decide to start reporting STP before July first you should first create what is known an as Update Event. An Update event will report the YTD earnings for any employees you’ve paid throughout the financial year you can use the following guide for instructions on this: Creating and Lodging an Update Event
If the employee has been terminated within a pay run and there will be no further payments for that employee in the financial year, tick the Is Final checkbox for the employee/s in the Update Event screen. This will indicate to the ATO that no further payments for this employee will be made you can use the following guide for instructions on this: Creating and Lodging an Update Event
The ATO has provided the following guidance on this: “You will no longer have to give your employees a payment summary for the information you've reported and finalised through STP. Once you finalise your data, your employees or their registered agent will be able to lodge their income tax return using the STP information available in ATO online.”
This also applies terminated employees. For more information visit the ATO website: https://www.ato.gov.au/Business/Single-Touch-Payroll/About-Single-Touch-Payroll/
The ATO’s guidance on this is: “If you make mistakes in your STP report, you can correct it in your following report. We won't penalise you for making mistakes you correct.”
During the setup process for automated pay runs, there is an option to Lodge Pay Run immediately, the pay event will be created automatically. The selected user(s) will be notified via email that the pay run is finalised and will then need to log in and lodge the pay event with the ATO. For information on setting up automated pay runs in QuickBooks Payroll powered by Keypay check out the following article: Setting up automated pay runs