As STP evolves, so do your reporting requirements. Source: Unsplash/scw1217
Phase 1 of the Single Touch Payroll (STP) initiative was first announced in December 2015, with the ambition of simplifying tax and superannuation business reporting and to keep better track of business-to-employee payments and other related information.
The ATO has been happy enough with the slow-burning adoption of the first stage that it’s decided to ramp things up a notch with Phase 2.
STP Phase 2 represents the expansion of STP Phase 1 with the requirement of additional information from employers, and is being sold to the public as something that will further reduce the reporting burden for businesses that disclose to multiple government agencies.
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