Single Touch Payroll Phase 2: Is your business ready?
Single Touch Payroll Phase 2 (STP Phase 2) will become mandatory for all businesses from 1 March 2022, bringing a host of changes that will fundamentally change the visibility of the information reported to the Australian Tax Office and the broader Government agencies.
Following some initial conversations with our clients, it has been a common misconception the STP Phase 2 will be undertaken by their outsourced payroll provider or integrated automatically in their purchased payroll solution. Whilst these businesses may have the correct reporting specifications, as we have seen with various Superannuation guarantee audits and broader Fairwork cases, the reporting capability is only part of the story.
Employers should ensure that all protocols, employee classifications and Pay codes are correct and up to date to avoid the higher level of scrutiny from the ATO, that inevitably arise as a result of the increased data matching potential that STP Phase 2 provides.
Join our webinar as we share insights into managing the changes, the associated risks and solutions to undertaking a robust pay code analysis and utilising data tools to facilitate and co-ordinate the bulk upload of your payroll and broader employee data.
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