Single Touch Payroll is almost here and will affect over 100,000 businesses who are paying 13 million employees from July 2018. A government initiative, single touch payroll (STP) is designed to simplify the reporting for payroll for those employers with 20 or more employees. While they currently only report on individual payments such as salaries and wages, PAYG withholding and super once a year at the end of the financial year, as of July 1, 2018 they will need to report this to the ATO at the same time they pay their employees.
Established in 2006, Xero is the New Zealand accounting software that has taken the Australian small business market by storm. Loved faithfully by its users it is a modern cloud software that has knocked off the long standing competitors such as quickbooks and MYOB.