Last year we let you know about the next stage of Single Touch Payroll
Single Touch Payroll has already changed how employee pay information is reported to the Australian Government. The positive outcomes from this first implementation means it is set to expand over the coming years.
We are starting to see the first real signs of what Single Touch Payroll “phase 2” might look like, as the Australian Government has begun releasing more information about what data will be required.
Preparing your business for phase 2
There are two important pieces of information businesses should know now about STP phase 2:
- Single Touch Payroll phase 2 will come into effect from 1 July 2021
- Employers will be required to report additional employee data each pay run
As with the first stage of Single Touch Payroll
this will require some additional administration work initially, however businesses should see STP further streamline how a range of employee tax-related data is reported.
And again, as with the first stage of STP, Sybiz is working closely with the Australian Taxation Office to ensure you are prepared for these changes well in advance of 1 July 2021.
How Sybiz Visipay is helping you get ready
Based on our experience preparing customers for Single Touch Payroll, our most critical piece of advice at this stage is to keep Sybiz Visipay up to date as new versions are released.
In the lead up to STP phase 1, Sybiz Visipay was updated to include warnings about what data was necessary before the commencement date. This was an incredibly helpful feature, allowing employers to understand what STP would require.
Sybiz also offered a data validation service to help employers identify gaps in their databases early.
Sybiz Visipay users can look forward to both of these being implemented again in the lead up to STP phase 2.
Sybiz will continue to keep our users updated, as more information about Single Touch Payroll phase 2 comes to light.