Last year we let you know about the next stage of Single Touch Payroll
The STP initiative has already changed how employee pay information is reported to the Australian Government and 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 soliciting feedback on what data could be collected by STP.
Businesses should expect future STP updates to reduce administration burden on businesses by streamlining how a range of taxation data is reported and allow more government departments to access employee records.
This first consultation
concerns “allowing for the voluntary reporting of child support deductions and child support garnishee amounts under the STP regime,” to give you an idea of the types of data STP may continue to collect in future.
Sybiz will continue to keep our users updated, as more information about Single Touch Payroll phase 2 comes to light over the financial year.