In the 2019–20 Budget, the Government announced that Single Touch Payroll (STP) would be expanded to include additional information.
The expansion of STP, also known as STP Phase 2, would reduce reporting burden for employers who need to report information about their employees to multiple government agencies.
The mandatory start date for Phase 2 reporting was 1 January 2022 however
Have you heard about the introduction of Single Touch Payroll (STP) which is being advertised as one of the biggest changes for small businesses since the introduction of GST?
Think your good old spreadsheet or notepad is good enough to keep track of employees’ wages? Think again!
On 12 February 2019, the Parliament has passed the laws requiring all businesses use single touch payroll from 1 July 2019.
This means that from 1 July 2019 onwards, all businesses that employ staff, whether it is 1 or 100, are required to register for single touch payroll to keep track of their employee wages, PAYG Withholding and superannuation obligations.
