Learn what STP Phase 2 means for you
Single Touch Payroll (STP) Phase 2 reporting starts 1 January 2022.
If you employ staff, you’ll need to be ready for this change.
New guidelines that explain the changes are now available to help.
STP Phase 2 reporting means changes to the way you report
- amounts paid to staff – instead of reporting a single gross amount, you’ll separately show items such as overtime, paid leave, and bonuses and commissions
- income types – you’ll include information such as whether a payment is regular salary and wages or income for working holiday makers
- employment conditions – you’ll provide some additional information such as whether your employee is fulltime, part-time or casual and if they leave, the reason they stop working with you.
The way you lodge and the due date of your STP reports don’t change.
Your STP-enabled software will be updated by your software provider. When it is updated the software provider will let you know the next steps you should take.
Check the ATO’s guidelines to help you understand the changes and contact Omnis Group Business Accountants in Subiaco Perth on 08 9380 3555 for what they mean for your business.
Source: ATO