Single Touch Payroll (STP) Phase 2 is coming! If your business pays wages, you may need to start meeting some new reporting requirements from 1 January 2022.
This STP Phase 2 employer guide covers what you need to know about those requirements, so read on to learn more!
STP Phase 2 makes reporting easier for employers who submit employee information to multiple government agencies.
When the Australian Tax Office (ATO) first introduced STP, they required businesses to submit more complex data manually. The ATO now requires that data be recorded under STP.
There are quite a few data points that need to be considered for your STP Phase 2 reporting. Here are some of the biggest changes to consider:
We’ve been preparing for STP Phase 2 for a while now and are building out new functionalities to make it easier for our customers. We have also been approved for a deferral until February 2023.
If you’re not a foundU customer, your digital service provider should update you on their deferral and how that impacts you.
The ATO have also confirmed there won’t be penalties for genuine mistakes made during the first year of STP Phase 2 reporting until 31 December 2022.
Not a foundU customer and worried about compliance? We get it – staying on top of even the smallest of changes can be a big challenge for businesses.
That’s why we developed the foundU platform. We empower businesses just like yours to work more quickly, accurately, and strategically, while taking the complexities out of onboarding, rostering and payroll.
Want to know more about foundU? Book a Demo.