Most employers are familiar with reporting through Single Touch Payroll (STP). Phase 2 will begin on the 1st of January 2022. The biggest change is additional reporting requirements of employee and earnings data. The purpose of capturing additional information is to streamline interactions with other government agencies and reduce associated administrative tasks.
The key reporting changes in STP Phase 2 are:
- Disaggregation of gross.
- Employment and taxation conditions.
- Tax treatment code.
- Child support garnishees/deductions.
- Income types and country codes.
Please refer to each individual article for more information on the details of the new settings in the platform that users may need to configure and/or existing settings that may need to be updated, depending on the scenario of the business and its employees.
It is important to note that there are certain things that are not changing in Phase 2, including:
- The way you lodge events, regardless of whether you are lodging as an employer, intermediary or a registered tax agent.
- The due date for lodging events.
- The payment types needed.
- Tax and super obligations.
- End of year finalisation requirements