The ATO has announced that employers who were normally required to begin STP Phase 2 by 1 January 2022, will now have until 1 March 2022 to meet their updated reporting obligations, due to increased pressure from Accountants and Bookkeepers.
STP Phase 2 was first announced in the 2019-20 Budget, and is now in its final stages of rollout. Further information will now be shared with the ATO and Services Australia, to further assist businesses with their reporting and compliance workload.
Some itemisation and further detailing of Gross Payments may need to be done in order to meet the STP Phase 2 reporting obligations, such as Bonuses and Commissions, Directors Fees, Paid Leave, Salary Sacrifice, Overtime, Allowances, etc… all making up Gross Payments under STP Phase 1 – they will now be reported as individual labels and items.
Employers will also need to report the Employees’ basis such as Casual, Part-Time, Full Time under the new reporting regulations.
The ATO will also have a system whereby they can list original Software IDs and any changes to those IDs, in order to address the common issue of duplicated statements due to ID number changes, and assist to correct any mistakes where necessary.
The rollout of STP Phase 2 to business will be largely driven by the payroll and accounting software providers, hence please check in with your software provider regularly in order to ensure you will be meeting your new obligations come the new year.
Rest assured we will be following the rollout of STP Phase 2 and will be happy to assist with any queries or setup and training requirements.
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