Life Interests Testamentary Trusts

PAYROLL REPORTING – SINGLE TOUCH PAYROLL (STP) PHASE 2

Single touch payroll (STP) is the instantaneous reporting of information to the Australian Taxation Office each time a payroll is processed by a business.

STP became a mandatory obligation for all businesses that withhold Pay As You Go (PAYG) contributions for employees or contractors in July 2019.

Phase 2 is a continuation of STP and remains mandatory.

The Expanded STP Phase 2 started on 1 January 2022.

Many of the Major Accounting Software providers have been provided with a deferral of this reporting until 31 December 2022.

What’s New with the Expanded Phase 2?

The STP Phase 2 report includes extra fields to allow for more detailed payroll information. The additional details enable the data to be reported to multiple government agencies using standard payroll categories.

  • Automated Tax File Number Declarations to the Australian Taxation Office
  • Streamlined reporting between agencies such as Centrelink, Child Support and Medicare with the Australian Taxation Office

What do you need to do to become STP Phase 2 Compliant?

  • Stay Informed
  • Review All Pay Items
  • Review Employees

 

The content within these articles was correct at the time of writing. Please contact us for updated information and advice. 

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.

blog archive

Recent Posts

MORE INTERESTING

BLOGS

The main residence exemption is fairly well known, that is, capital gains tax (CGT) on your family home is generally exempt. However, if your…
The inheritance of a property can be complex. What to do with the property and how that will be treated for income tax purposes…