Get ready for STP2 reporting
Single Touch Payroll (STP) has been expanded, and the ATO have now introduced STP Phase 2.
As an employer, you’ll need to report more information about your employees each pay day. You can do this through your payroll software.
The ATO have worked closely with Digital Service Providers (DSPs) and most payroll software is now ready for STP Phase 2 reporting.
Contact your DSP to check that your payroll software is ready. If you’re not prepared for STP Phase 2, your registered tax or BAS agent can help.
To learn more about the changes to STP, the ATO have developed some simple, detailed guidelines to help businesses just like yours get it right. The ATO also have some resources designed to help you with your STP reporting obligations.
STP is designed to help you work with the ATO more effectively by making payroll reporting simpler for you. The ATO shares the information they collect through STP with agencies such as Services Australia.
Please reach out should you have any further queries or would like our assistance with STP Phase 2.
The above is credited to ato.gov.au
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Disclaimer
The information in this newsletter / factsheet is factual but general in nature. It should not and is not to be construed as advice at any level whatsoever. Because it contains general information that has not been tailored to your personal circumstances it may not be suitable information for you. You must always seek personal financial or taxation advice prior to acting on this information. Further, as many of the comments in this newsletter / factsheet are general in nature, anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.