Single Touch Payroll Phase 2 (STP) came into effect on 1 January 2022 and was required to be fully implemented by 31 March 2022, unless you are a customer of compliant accounting software.
MYOB Clients and Xero Clients have been issued an extension until 31 December 2022. After this date, you must have fully implemented STP Phase 2.
As part of STP Phase 2, you will need to report additional information before each wage payment is made for each employee.
The information you provide as part of STP Phase 2 will help Services Australia ensure that your eligible employees are receiving their correct payments. Additionally, STP Phase 2 will reduce the need for you to provide your employee’s information to multiple government agencies, and also streamlines the process for employee TFN deductions. This is the inevitable noose tightening of wages and super disclosure for employers.
If you have any concerns or require assistance transitioning to STP Phase 2 please contact our office.