The new deadline for businesses in Australia to comply with Single Touch Payroll (STP) Phase 2 is 1 January 2022 but if you can start reporting before 1 March 2022 you will be meeting the deadline.
While it may seem like next year’s problem, it’s a good idea to get your head around the changes and identify the steps you’ll need to take to be STP Phase 2 compliant to avoid a last-minute panic.
Knowledge is power! STP Phase 2 will expand on the data businesses are required to report to the ATO in the STP pay event file on or before each payday.
This will ultimately reduce the compliance burden for businesses and individuals who currently report information to multiple government agencies. As stated by the ATO, it will also support the administration of the social security system.
STP Phase 2 will help reduce duplication and streamline reporting which will be beneficial for employers:
STP Phase 2 will also offer a raft of benefits for your business’ employees. These include:
I recommend ADP to everyone because it allows you to work on your business, not in it.
Warwick Hill,
Partner
Trood Pratt & Co
If I had to process the payroll and calculate superannuation contributions myself, it would easily take me an entire day per pay process. Why go through the hassle and spend my valuable time when I could hand it over to payroll experts and spend 15 minutes every fortnight?
Barry Game,
Franchisee
Howards
I would whole-heartedly recommend ADP to anyone who is looking for the type of solution we have. It really is a truly managed service. We have great customer support and any issues are dealt with quickly and efficiently. It allows us more time to talk to clients, less time dealing with payroll related queries and issues.
Rebecca Sinclair,
Regional Director
Aquent
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