KeyPay will be Single Touch Payroll Ready: A Sneak Peek into our STP implementation

Single Touch Payroll Ready

There has been a lot of hype (and nervous chatter) about Single Touch Payroll this year from payroll managers, accountants and payroll software providers alike. It’s nearing July 1 (the Single Touch Payroll implementation deadline - in case you didn’t know) and the hype is beginning to become reality!

Take a look at our previous post on Single Touch Payroll for more information.

As we’ve mentioned in previous posts, we said we would be ready for the July 1 deadline and that’s what we will be - no deferral dates or excuses. The KeyPay developers have been working hard building the STP implementation against the ATO’s specifications and we are excited to give you a sneak peek into what this will look like within the platform!

As you know, we like to keep things simple, and you will see that enabling STP and lodging a pay event is an easy to follow process. Please note that the below screenshots are subject to change if there are any further updates from the ATO in the coming weeks.

Single Touch Payroll in KeyPay

Enabling STP

When getting started with STP, you can enable it in Payroll Settings > ATO Settings.

Single Touch Payroll in KeyPay

You’ll have the choice to lodge payroll events as a Registered Tax Agent or as the Employer.

Then, in the Electronic Lodgement tab, you’ll be able to click the ‘Enable Single Touch Payroll’ button.

Single Touch Payroll in KeyPay

Single Touch Payroll in KeyPay

When finalising Pay Runs, there will be a new option available to Lodge Pay Run, which will begin the STP Pay Event process.

Single Touch Payroll in KeyPay

Businesses with Registered Tax Agents

A business with a registered tax agent will be required to log into the ATO Business Portal and grant the tax agent permission to manage Single Touch Payroll for the business. To do this:

  • Log into the the ATO Business portal with your AUSkey
  • Go to ‘Access Manager’, login, click on ‘who has access to my business’, then in the blue band near the top ‘Appoint New Business’
  • Enter the registered agent

Single Touch Payroll in KeyPay

  • There is then a step to choose the access level. Under the heading ATO Transactions you will need to choose “Payroll event form” for “Lodge & View” as shown below

Single Touch Payroll in KeyPay

Lodging a Pay Event

When a pay run is finalised and you elect to lodge a pay event, you will be taken to a screen for you to review the year-to-date data that is being lodged.

Single Touch Payroll in KeyPay

From this screen, the ‘RFBA’ amounts and ‘Is Final’ flags may be modified.

Once you are ready to proceed, you can click ‘Lodge’ and a Declaration dialog will be shown. If the user is lodging as a business owner, the following dialog will be shown:

Single Touch Payroll in KeyPay

If the user is lodging as a Registered Tax agent, the following dialog will be shown:

Single Touch Payroll in KeyPay

The user will be given the opportunity to select the authority that the pay event should be lodged as. This will be either a user who has been requested to approve the pay event or a standing authority that has been set up for the business.

Clicking Lodge Pay Event (or Lodge Update Event) will finalise the lodgement process.

Single Touch Payroll in KeyPay

So there you have it - lodging a pay event with STP will only take a click of a few more buttons within KeyPay. Once you’ve enabled electronic lodgement and STP within the platform, life will be a breeze.

We will continue to update you on the STP developments in the coming weeks before July 1 and will share a final STP handbook to explain everything you need to know about STP in KeyPay.

Is your payroll software failing to deliver? It might be time for a change...

KeyPay offers unparalleled levels of automation across rosters, timesheets, leave management and reporting, right through to payroll - securely in the cloud. We’re one of the few payroll software providers that hasn’t applied for a STP deferral date - and what’s more, we make things as easy as possible when processing pay runs.

Phil Bernie

Co-founder of KeyPay. Follow me on:

TwitterLinkedIn

You might also like...

UK Tax Year End reporting
March 23, 2020

Your guide to UK 2019/20 Tax Year End reporting

UK Tax Year End reporting has never been easier with KeyPay. Send your final report to HMRC and issue your P60s with ease.
Product
Changing payroll software mid-year and transitioning STP records
November 21, 2019

Changing payroll software mid-year and transitioning STP records

Thinking about changing payroll software? These are several ways you can transition Single Touch Payroll (STP) reporting from one payroll system to another.
Product
GDPR payroll obligations made easy with KeyPay
October 1, 2019

GDPR payroll obligations made easy with KeyPay

GDPR employee obligations are made easy with KeyPay by giving employers the tools to anonymise employee data and access to their personal data.
Product
Automation illustration

Not using KeyPay yet?

Try it free for 30 days

Learn more