Many of our clients have registered for Single Touch Payroll (STP) through their Xero platforms so that they were ready to go from 1 July 2019. We’ve received several frequently asked questions on how this transition impacts on the preparation and lodgement of PAYG payment summaries for the 2019 financial year just ended.
Here they are:
Q: Can I still prepare PAYG payment summaries for 2019 in the old/classic way even though I have registered for STP?
A: No; once you’re STP registered, lodgement of your 2019 PAYG payment summaries is done through following the STP process. The option to lodge through the old method is deactivated. As such, you can only preview your payment summaries, but not publish them.
Q: If an employee asks me for a copy of their 2019 PAYG payment summary, can I provide them with one?
A: Yes; payment summaries can still be generated from Xero and downloaded as a pdf. These can then be emailed to the respective employee.
Q: How long does STP lodgement of 2019 PAYG payment summary data take to be finalised?
A: Finalisation can take up to 72 hours to file with the ATO. Given that this is a new process with the ATO and there is a high volume of submissions, the actual timeframe might be a bit longer.
As always, if you have any questions, please get in touch with your bookkeeper or manager.
Angeline recently covered some basics regarding Single Touch Payroll via Webinar, which you can view here: