Did you know STP Phase 2 completion was due on January 2022?
The new reporting requirements under STP Phase 2 will need new additional configuration to support Phase 2 reporting. Most payroll software have gotten or received approval for an extension to set up the software. Therefore, they will not be breaching the law, please contact your software provider or accountant regarding this.
Software will require additional information regarding:
- Employees.
- Payment items.
- Deductions.
- Salary sacrifice.
- Child support payments.
The goals of STP phase 2 is to streamline employer interactions with multiple government agencies and improve the employee government payments.
This includes:
- No longer lodging electronic tax declarations.
- Issuing of separation certificates.
- Reduced interactions with Centrelink & Services Australia.
- Earlier notification of possible payment issues.