Superannuation Guarantee update
As of 1 July 2022, the “Superannuation Guarantee” will be increasing from the current 10% to 10.5%. This means that by law, all employers will… from Superannuation Guarantee update
Since the introduction of Single Touch Payroll (STP) in 2019-2020, the majority of businesses are now using STP for their payroll reporting processes and most commercial accounting software now allows for this functionality.
Now that the dust has settled on the introductory period, we need to begin transitioning into Phase 2. Phase 2 includes an expansion on the reporting requirements which need to be processed using STP.
Phase 2 aims to streamline the reporting process for employers who need to report information about their employees to multiple government agencies.
While Phase 2 of STP reporting officially began on 1 January 2022, the realistic deadline to have your reporting systems in place is 31 December 2022 given most commercial accounting software providers have received deferrals from Phase 2 reporting requirements on behalf of their users.
The additional reporting requirements via STP include:
Most major commercial accounting software such as MYOB, Xero and Reckon already have the functionality built in to allow for Phase 2 of STP. If you use any of these software applications, your transition to Phase 2 STP reporting should be relatively straight forward.
If your software does not currently meet the requirements or you would like assistance, please feel free to contact us.
Further information can be found on the ATO website.