Single Touch Payroll Phase 2 – what do I need to know?
Posted on August 18th, 2021 by WLF
Earlier this year the Federal Government released an outline of upcoming changes to Single Touch Payroll (STP), which will take effect on 1 January 2022.
STP Phase 2 will require businesses to report on some additional information, but more importantly it will reduce the reporting burden for employers who currently need to report information about their staff to multiple government agencies.
If you are using STP-enabled software you do NOT need to take any action at this stage. The Australian Tax Office (ATO) is working with the software providers to ensure the systems are updated, and your software provider will keep you informed.
We will be communicating more information about STP Phase 2 through our client newsletters and on our website as it becomes available. You may also wish to refer to the ATO Fact Sheet. And of course you can speak with your WLF Advisor.
