Single Touch Payroll Phase 2 - are you ready?
If you haven't already started the additional reporting required for Single Touch Payroll (STP) you may start getting reminders from the ATO.
Back in 2019 the Federal Government announced that STP would be expanded to include additional information. The expansion of STP, or STP Phase 2, requires all employers to report additional information through STP on or before each payday. A full description of the additional information can be found on the ATO website.
While the due date for Phase 2 of STP reporting was 1 January 2022, the ATO has taken a flexible approach based on your business readiness and individual circumstances.
If your payroll solution was not ready by 1 March 2022 and you need more time you can:
- Apply for more time past your digital service providers' (DSP) deferral date (both Xero and MYOB have deferral dates at 31 December 2022 already).
- Request a delayed transition. Murray Nankivell can apply on your behalf.
There won't be penalties for genuine mistakes for the first year of Phase 2 reporting until 31 December 2022. This includes employers who have already started Phase 2 reporting.
You can find more information if you need more time to start STP Phase 2 reporting on the ATO website or contact your Murray Nankivell advisor.
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